• by Sarah Mahoney , 4 hours ago

Orvis, the Vermont-based hunting and fishing retailer, says tariffs have it on the hook. The company will close 31 stores and five outlets—about half its fleet—as it adjusts to President Trump’s trade war.

“Like many in retail, Orvis’ business model faced a sizeable shift with the introduction of an unprecedented tariff landscape,” said Simon Perkins, Orvis’ president, in a statement. “We are focusing on our core strengths and making the difficult but necessary decision to rescale the business by tightening our assortment and reducing our corporate store footprint.”

Since the administration first announced sweeping tariffs, retailers have scrambled to limit the damage—some promising to “eat” the costs, others quietly passing them onto shoppers. Many tried to outsmart the issue by stockpiling inventory, but as the all-important holiday season nears, more are acknowledging the fallout.

Macy’s recently said its tariff-related inventory adjustments eroded margins and forced it to lower guidance. Smaller companies are faring worse: a CNBC survey found that many have frozen hiring, reined in expansion, or taken on loans to cover tariff bills.

“It’s to the point now where it could kill us—it could take us down—and I could lose everything,” Jared Hendricks, CEO of Village Lighting, a business that sells Christmas products, told CNBC. “Being a small business owner isn’t worth it when your country turns on you.”

A stark new report from S&P Global Market Intelligence underscores how widespread the damage has become. Drawing on forecasts from 15,000 sell-side analysts tracking 9,000 companies, it estimates that tariffs have wiped out at least $1.2 trillion in corporate profits since the start of the year, with consumers bearing about two-thirds of those costs through higher prices.

There’s still a chance the situation could shift. A federal court ruled last month that the tariffs are illegal, and the White House has appealed to the U.S. Supreme Court. The levies will stay in place until the Court rules, with arguments scheduled for early November.

For Orvis, the pivot may ultimately sharpen its focus. Founded in 1856 as a specialty shop for fly fishing and wing shooting, it now plans to emphasize ecommerce, its dealer network, and its Orvis Adventures travel business.

“While we’ll miss shared moments in many retail locations,” Perkins added, “we look forward to continuing to connect at local Orvis dealers, on Orvis.com, and through Orvis Adventures.”