Abercrombie & Fitch Co. and Ralph Lauren Corp. joined a wave of retailers furloughing their store workers Monday, with both announcing they will cease paying some employees on April 12. Abercrombie & Fitch said it would furlough all of its “North America and EMEA region store associates,” and will cut hours and pay about 15% for corporate associates, while executives at the vice president level and higher will take pay cuts of 10% to 33%. Ralph Lauren said its executive chairman and namesake will forego a salary for the 2021 fiscal year as well as any bonus from the 2020 fiscal year, while Chief Executive Patrice Louvet will take a 50% pay cut and ther top executives will trim pay by 20%. As of April 12, the company plans to furlough “all of our store employees where retail operations are suspended, as well as employees whose jobs are not conducive to continued remote working.” Ralph Lauren shares dipped about 0.4% in late trading Monday, while Abercrombie stock was steady.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Ralph Lauren, Abercrombie & Fitch join retailers furloughing employees
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