GII Apparel Group anticipates its revenues to decline between 28 per cent and 33 per cent during the second half of the year, compared with the same period in 2019. The manufacturer and retailer, parent to brands like DKNY and Donna Karan , reported a 54 per cent loss to $297 million in first quarter. The group’s revenues from its Wilsons Leather and G H Bass businesses declined to $19.7 million for the quarter, compared with $53.6 million during the same period a year earlier.

The company — which also includes Vilebrequin, Eliza J, Jessica Howard, Andrew Marc and Marc New York in the greater portfolio, in addition to fashion licenses under the Calvin Klein, Tommy Hilfiger, Karl Lagerfeld Paris, Kenneth Cole, Cole Haan, Guess, Vince Camuto, Levi’s and Dockers brands — lost nearly $15 million as a result, compared with profits of more than $11 million a year ago. That’s on top of more than $39 million in losses from the quarter before that.

The losses included about $25.6 million in lease termination fees, severance costs, store liquidation expenses and legal fees, among other things, as a result of the 110 Wilsons Leather and 89 G.H. Bass store closures, which commenced during the quarter.

To help cut costs, the company refinanced its balance sheet, extended the maturity of its revolving credit facility and term debt to 2025 and reduced SG&A expenses by approximately 40 percent in the most recent quarter, or $16 million. The 20 percent staff reduction will also lead to roughly $22 million in annual savings.

G-III ended the quarter with nearly $253 million in cash and equivalents and about $409 million in long-term debt.