Western retailer Boot Barn Holdings Inc. (NYSE: BOOT) is temporarily cutting executives' pay and its workforce in response to the business slowdown resulting from COVID-19.
The Irvine chain said Thursday in an SEC filing President and CEO James Conroy would take a temporary 50% salary cut. Other senior executives will see a 25% temporary pay cut.
Bonuses for the year ended March 28 are being deferred to no later than September 1.
The changes are effective April 12.
Foot traffic at its 252 retail locations in 33 states have taken a hit from various stay-at-home orders causing Boot Barn to furlough 40% of workers in its stores, distribution centers and main office.
Boot Barn said it expects the pandemic “to have a material adverse impact on the company’s financial results" and withdrew its guidance for the year and three months ended March 28.
The retailer was down 1.5% in after-hours trading to a market cap of $460 million.
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