Tilly's storefront

Tilly's storefront

Irvine retailer Tilly’s Inc. (NYSE: TLYS) said Friday it furloughed store associates and some workers at corporate as the length of the coronavirus’ impact becomes more uncertain.

Most of the workers at a distribution center servicing the company's 239 stores have also been affected by this latest move. The company's e-commerce facility remains operational to service web orders.

President and CEO Ed Thomas will not take a paycheck in April, followed by a temporary pay cut, alongside the rest of the management team at headquarters. Co-founder, Executive Chair and Chief Strategy Officer Hezy Shaked will no longer take a salary, while members of the board are not taking their retainer fees.

Get the latest OC business and Coronavirus updates

“We are certainly experiencing unprecedented times, and it breaks our hearts as a management team to have to furlough,” employees Thomas said in a statement. “We look forward to the day when we can welcome our team back home.”

The company reported $122.4 million of cash and investments, including $23.7 million drawn down from its credit facility. Tilly’s said it expects its cash on hand to carry the company through the remainder of its fiscal year. That’s based on continued e-commerce sales and rents of the company’s stores being deferred, among other factors.

Tilly’s, which had a recent market cap of $128.5 million, closed Friday down 4.8% to $4.33.

Go here for more updates on how OC companies are responding to coronavirus.

For ongoing, in-depth coverage of coronavirus effects on OC businesses, see the Monday print edition of the Business Journal.