There are many Indian apparel exporters, working with the Ascena Retail. Facing the heat of COVID-19, Ascena Retail Group, Inc. has announced temporary reductions in the base salaries of all corporate associates and furlough programme.
Ascena Retail is a retailer offering brands like Ann Taylor, LOFT and Lou & Grey etc. with its 2,800 stores throughout the US, Canada and Puerto Rico.
Announcing the additional measures being taken to mitigate the financial impact of COVID-19, the company announced that the base salaries of Carrie W. Teffner, Interim Executive Chair and Gary Muto, CEO, will each be reduced by 50 per cent.
Notably, reductions for other executives and corporate associates above a certain salary will range from 10 per cent to 45 per cent depending on base pay.
Due to COVID-19, the company took the extremely difficult decision of implementing a furlough programme across its businesses, including all store associates and close to half of its corporate associates.
Those who are furloughed and are a part of any of company’s medical benefit schemes will continue to avail the same.
“In light of the current environment, we have extended the temporary store closures and will continue to reassess as information becomes available.” Gary Muto, CEO of the company informed.
The company also informed that its distribution centres will remain open at this time, operating at limited capacity to service the company’s e-commerce business.
