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Victoria's Secret extends store closings, furloughs majority of store workers, and says the pandemic could prevent it from sourcing the materials it needs

Posted On: 30 Mar 2020   |   Posted By: Business Insider

Victoria's Secret extends store closings, furloughs majority of store workers, and says the pandemic could prevent it from sourcing the materials it needs

Victoria's Secret announced that it is extending its store closings and furloughing the majority of its store workers until further notice.
Some senior employees will also see a temporary 20% cut in their base salary.
The company noted in its annual report on Monday that if the situation worsens it could have difficulty sourcing the materials it needs from Asia.
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Victoria's Secret is among the retailers to have been hard hit by the coronavirus outbreak.
The lingerie giant confirmed in a press release on Friday that it would be extending store closings until further notice after initially saying that its stores would reopen on March 29.
At the same time, it announced that it would temporarily layoff the majority of its store workforce along with any other workers that are not supporting its ecommerce platform or who are unable to work from home; these workers would be furloughed from April 5 until further notice, it said.
Its part-owner, L Brands, which...

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