Genesco Inc, a US-based speciality retailer, has announced the additional steps to reduce expense, capital and inventory levels to mitigate the impacts of Covid-19 and improve liquidity. The company has furloughed its employees and reduced the headcount in its Middle Tennessee area corporate offices, call centres and distribution centres.
The company’s announcement included: the furloughed employees will continue to receive company-offered health care benefits and Genesco will pay both employee and company premiums. Combined with the store and other furloughs already announced, the company has reduced its workforce by 90 per cent. In addition, more highly compensated employees will have their pay reduced based on a graduated scale and certain employee benefits, including 401(k) matching, will be temporarily suspended; the company’s UK-based Schuh business has announced that, effective April 3, 2020, it has reopened its e-commerce operations in compliance with government health and safety practices.
The actions previously announced,