Huntington Beach-based BJ’s Restaurants Inc. (Nasdaq: BJRI) took further action to preserve cash amid the COVID-19 slowdown, with executive pay cuts and more furloughs.
The casual dining operator said in a Securities & Exchange Commission filing CEO Greg Trojan and other executives opted to cut their base salaries 20%. Members of the Board are also to take a 20% cut in their retainers. Employees whose salaries start at $100,000 will also see pay cuts in the range of 10% and 20%.
All pay rate changes go into effect April 22.
BJ’s also said it would furlough about 200 restaurant managers and another 40 workers at headquarters, effective Friday. These employees will continue to receive benefits through June 30.
Four restaurants are also being temporarily closed as of Friday as the chain said it would continue monitoring its takeout and delivery business.
The SEC filing follows the company’s plans announced earlier this month to temporarily lay off 16,000 restaurant employees as a result of the hit to in-dining sales caused by COVID-19. The company had also said in that earlier announcement it would not pay rent this month and was working with landlords on future payments.
BJ’s, with a market cap of $325 million, was trading up about 6% midday Friday.
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