Under Armour, Inc. (NYSE:UAA) an American company headquartered in Baltimore, Maryland today announced a set of meassures that should help them out with financial impacts related to coronavirus outbreak.
The set of meassure consist of layoffs (all the workers at its retail and outlet stores and some 600 employees in distribution centers). pay cut of 25% to its board of directors, the extension of current store closures until further notice
Below is the statement from Under Armour CEO.
“In these unprecedented and challenging times, the majority of stores where Under Armour is available remain closed, contributing to a significant decline in revenue,” said Under Armour President and Chief Executive Officer Patrik Frisk. “While we’re thankful for the meaningful balance sheet improvements we’ve driven over the past two years and we are seeing some early signs of recovery in our APAC region, this unanticipated shock to our business has been acute, forcing us to make difficult decisions to ensure that Under Armour is positioned to participate in the eventual recovery of demand. We do not take these decisions lightly and are doing all we can to minimize the impact on our teammates during this time. Because of the strength of our brand and the steps we have taken, we will weather this storm.”
Under Armour stocks fell down 65% from the beggining of the February.