Genesco (NYSE:GCO) announced that its CEO Mimi E. Vaughn will forego salary, while board members will forego cash or stock compensation.
Many of the executives will receive no salary while others will have a 50% cut in salary.
The company extends its closure until such time as the stores can be opened safely.
~3,000 employees have been furlough in North America.
Schuh temporarily closed all of its stores in the United Kingdom and Ireland and temporarily closed its e-commerce business, furloughing ~3,500 store and distribution center employees.
United Kingdom Government’s program to reimburse 80% of salary costs for individuals not working due to the pandemic.