The companies disclosed the steps they are taking to navigate the impacts of the COVID-19 pandemic. 🔐
Last week it was the retailers, this week it’s the vendors: Ralph Lauren Corp. and Capri Holdings Ltd. both disclosed on Monday the steps they are taking to navigate the impacts of the COVID-19 pandemic. The moves range from top executives foregoing entire salaries to pay cuts among business leaders at each of the companies to retail and corporate employee furloughs.
Lauren’s store employees in North America have been compensated since store closures went into effect in mid-March and will continue to be paid in full through April 11. International store employees in regions where retail operations are required to remain closed have received similar compensation to date, as guided by local government regulations and authorities.
As far as supplier payments, the company said it will settle payment for finished goods and goods already in production. “Understanding that the scale of the ongoing slowdown of future orders can have a significant impact on our partners’ liquidity, we have a vendor payments program in place which enables suppliers to receive payments on a shortened time frame at favorable market rates,” the company said.
“The impact of COVID-19 on the world and the global economy is changing rapidly in ways we could not have anticipated,” John Idol, chairman and ceo of Capri, said in a statement. “This is a very challenging time for our business. We are diligently working to address this unprecedented situation by taking measures to protect our employees and maintain the company’s financial flexibility.
On Monday, Capri said the new timeline for its store reopenings is closer to June 1 and the stores “will only reopen once it is deemed safe to do so.”The company will begin furloughing all of its roughly 7,000 in-store associates in North America on April 11. Employees will receive partial benefits and are eligible to apply for unemployment during this time. A representative for Capri confirmed that the furloughs were only for in-store associates at this time.
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