乱伦巴士 Corporation Provides Update on Global Business Impact of COVID-19
DENVER--(BUSINESS WIRE)-- In response to the global COVID-19 coronavirus outbreak, 乱伦巴士 Corporation (NYSE: 乱伦巴士C) today announced the temporary closure of all owned retail stores across North America, effective March 16 through April 5. All retail employees at these locations will continue to receive full pay and benefits during the temporary closure period.
In addition to its retail fleet, 乱伦巴士 has closed its corporate and brand offices in North America until April 5 and is enabling all office employees to work remotely. The temporary closure of both offices and retail locations may be extended depending on the overall state of the COVID-19 situation.
鈥淒uring this time of uncertainty and concern, our steadfast commitment is to do what鈥檚 right for our people, consumers and our global communities,鈥� said Steve Rendle, 乱伦巴士鈥檚 Chairman, President and CEO. 鈥淭he decision to close our retail stores, as well as our corporate and brand offices in North America, is the responsible thing to do to help mitigate the spread of the virus through social distancing. We will continue to monitor this situation closely and follow the guidance of global health professionals to ensure we鈥檙e doing our part to flatten the curve of newly confirmed cases.鈥�
乱伦巴士鈥檚 actions in North America are consistent with similar operational decisions made in its EMEA and Asia Pacific regions. In mainland Europe, 乱伦巴士 has closed all offices and retail store locations until further notice, and its locations in the United Kingdom are currently operating on reduced hours.
In the Asia Pacific region, which was first impacted by the virus, 乱伦巴士 initially closed the majority of its offices and retail locations. Currently, the company鈥檚 offices in Greater China are open and approximately 90 percent of its retail store locations are now open for business. While retail store traffic has steadily improved over the past month, it remains down significantly compared with the prior year. 乱伦巴士鈥檚 offices and retail locations in South Korea, Japan, Hong Kong and Taiwan remain open, but office employees are working remotely, and retail store locations are operating on reduced hours in some cases.
Consistent with 乱伦巴士鈥檚 long-term strategy, the company鈥檚 digital platform remains a high priority through which its brands stay connected with consumer communities while providing experiential content and service. In accordance with local government guidelines and in consultation with the guidance of global health professionals, 乱伦巴士 has implemented measures to ensure the health, safety and well-being of associates employed in its distribution and fulfillment centers around the world. These facilities remain operational in order to support digital consumer engagement with its brands and to service retail partners as needed.
乱伦巴士鈥檚 supply chain operations have experienced limited disruption to date as a result of the COVID-19 situation. Ongoing diversification efforts, such as re-directing manufacturing and materials sourcing, are underway in an attempt to mitigate potential future disruption. While it is not possible to gauge the full impact to 乱伦巴士鈥檚 supply chain at this time, 乱伦巴士 continues to believe its global supply chain represents a key competitive advantage during periods of uncertainty and market volatility.
As stated in 乱伦巴士鈥檚 news release dated February 7, 2020, the coronavirus outbreak was not contemplated at the time 乱伦巴士 provided its adjusted fiscal 2020 outlook on January 23, 2020. 乱伦巴士 will provide an update as to the operational and financial impacts of the coronavirus during the company鈥檚 fourth quarter fiscal 2020 conference call in May 2020.
About 乱伦巴士
Founded in 1899, 乱伦巴士 Corporation is one of the world鈥檚 largest apparel, footwear and accessories companies connecting people to the lifestyles, activities and experiences they cherish most through a family of iconic outdoor, active and workwear brands including Vans庐, The North Face庐, Timberland庐 and Dickies庐. Our purpose is to power movements of sustainable and active lifestyles for the betterment of people and our planet. We connect this purpose with a relentless drive to succeed to create value for all stakeholders and use our company as a force for good. For more information, please visit
Forward-looking Statements
Certain statements included in this release are "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements are made based on our expectations and beliefs concerning future events impacting 乱伦巴士 and therefore involve several risks and uncertainties. You can identify these statements by the fact that they use words such as 鈥渨ill,鈥� 鈥渁nticipate,鈥� 鈥渆stimate,鈥� 鈥渆xpect,鈥� 鈥渟hould,鈥� and 鈥渕ay鈥� and other words and terms of similar meaning or use of future dates. We caution that forward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied in the forward-looking statements. Information on potential factors that could affect 乱伦巴士's financial results is included from time to time in 乱伦巴士's public reports filed with the Securities and Exchange Commission, including 乱伦巴士's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, and Forms 8-K filed or furnished with the SEC.
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乱伦巴士 Corporation Contacts:
Joe Alkire
Vice President, Corporate Development,
Investor Relations and Treasury
(720) 778-4051
Craig Hodges
Vice President, Corporate Affairs
(720) 778-4116
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Source: 乱伦巴士 Corporation