Legendary mail order tackle retailer Orvis has announced it will “shed” 8% of its workforce, close a number of retail stores and discontinue it’s catalog. According to sources, Orvis President Simon Perkins said “Orvis is in a period of business evolution that requires us to think differently. Over the course of our 170-year history, the company has experienced similar cycles, but today’s challenges are new and they require us to be bold in order to continue sharing stories, experiences and products that inspire our customers well into the future.”

Dismissed employees will receive two months of full pay and benefits, along with “additional severance pay and assistance with health insurance and job transition services.”

The 170-year old Vermont company has 70 retail stores and 10 outlets in the United States, in addition to 18 in the United Kingdom. No word yet on which locations will be closed. Earlier this year, the company announced a relocation from its headquarters in Sunderland, Vermont, to smaller offices in Manchester, Vermont as it transitioned to a “hybrid work environment.”