HOFFMAN ESTATES, Ill., March 27, 2020 /CNW/ -- Claire's Stores, Inc. today announced additional actions being taken to respond to the challenges of the COVID-19 virus.
"We are all facing unprecedented challenges associated with the COVID-19 pandemic," said Ryan Vero, CEO. "Over the last several weeks we have temporarily closed all of our stores worldwide, moved our corporate teams to a work-from-home environment, and changed the configuration of our distribution centers in order to practice safe physical distancing at work. As we continue to focus on the safety of our employees and communities, it has now become clear that our stores will need to remain temporarily closed until further notice."
While Claire's ecommerce and concession businesses remain unchanged, a longer period of global store closure has necessitated further action. The majority of store based associates have been placed on temporary furlough, to be recalled when stores re-open, and approximately 250 corporate office employees have also been placed on temporary furlough. In all cases, the Company is covering employee-paid healthcare premiums for up to 8 weeks to ensure those affected do not face additional hardship in accessing health benefits. In a further commitment to conserving resources, the senior leadership team will also be taking a tiered reduction in pay, with CEO Ryan Vero and board members taking a 30% pay cut.
"The decision to temporarily furlough so many of our associates was not taken lightly, but was necessary for the long-term health of our organization," said Vero. "Our goal is to have our stores open, and our associates returning to work as soon as it is safe and advisable to do so. We are committed to one another and to our customers, and when the time arrives to re-open, we will be there, ready to serve, and ready to provide long-term career opportunities for all of our associates."
The Company will continue to monitor this ongoing situation and provide relevant updates, relying on recommendations from the Centers for Disease Control and Prevention (CDC), the World Health Organization (WHO), and government officials, to determine when stores will reopen.
Claire's Stores, Inc. is one of the world's leading specialty retailers of fashionable jewelry and accessories for ages 3 to 35. The Company operates through its stores under two brand names: Claire's® and Icing®. Claire's Stores, Inc. operates fully owned and concession stores in 17 countries throughout North America and Europe, and franchises stores in 28 countries primarily located in the Middle East, Central and Southeast Asia and Central and South America, South Africa, and Russia. More information regarding Claire's Stores is available on the Company's corporate website at www.claires.com.
Claire's Stores, Inc.
+1 (847) 898-0120
SOURCE Claire's Stores, Inc.