Clothing stores received the approval to open up in multiple states including Ohio. One of the local retailers based in Columbus L Brands plans, as of
A statement made at the beginning of the COVID-19 Pandemic in the United States informed us that this would take affect immediately:
"The cash compensation of Chairman and CEO Leslie H. Wexner and other members of the Board of Directors has been suspended.
We are temporarily reducing base compensation by 20 percent for senior vice presidents and above. Additionally, the company is deferring annual merit increases for all associates.
We are suspending our quarterly cash dividend beginning in the second quarter of fiscal 2020.
We are executing a substantial reduction in expenses and capital expenditures.
We will be furloughing hourly associates who support the businesses that are not operating at this time."
Not stated in this briefing were over 50 Victoria's secret stores (owned by L Brands) closing to limit their loss in profit margin. Other companies are taking similar steps including a giant clothing and apparel rival, Gap Inc. L Brands and competitors plan to return to normal activities and claim that it is possible to run 100% even though 2% of stores have closed in the United States.
https://www.lb.com/associates/covid19/covid-19-guide
1 comment:
While this is clearly a plan to save the company money and reduce losses as much as possible, It is however good to see that they are furloughing employees, reducing their hours available to work, as opposed to most large companies who are simply laying many of their workers off to keep their heads as far above water as possible.
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