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Thursday, February 2, 2023

Coronavirus pushes Express to furlough most store workers, pause pay

Cornerstone Macro Chief Investment Officer Michael Kantrowitz draws out what the road to market recovery will look during the coronavirus. Video

Express Inc. said Wednesday it is furloughing most store associates and a number of corporate associates, and pausing pay while continuing to provide healthcare benefits for those eligible until such time as stores are able to reopen.

The fashion apparel retailer said it is significantly reducing expenses, capital expenditures and inventory receipts.

WHAT IT MEANS TO BE 'FURLOUGHED' VS. FIRED

Express said it is suspending merit pay increases for 2020, and freezing hiring for the duration of the COVID-19 crisis.

Ticker Security Last Change Change %
EXPR EXPRESS INC. 4.31 +0.04 +0.94%

The company said it will continue to follow the guidance of local, state and federal governments, as well as health organizations, as to when it can safely reopen its stores. The Express website and mobile app remain available to customers.

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