TOANO, Va. - Retail flooring giant Lumber Liquidators will implement a series of changes to help it resist the COVID-19 pandemic, the company recently announced. Those changes include cutting costs, deferring payments, and working to temporarily expand its credit facility.
It will also lay off around 300 store employees and reduce hours at its distribution centers. Furloughed workers will receive two weeks of pay and be allowed to use up to 80 hours of paid time off. Executives will take a 25 percent pay cut.
The company announced its quarter-to-date sales were up about 4 percent through March 21, but dropped off hard and fast as the pandemic took hold. It ended the quarter down 1 percent.
The retailer is leveraging its strategic investments in its digital capabilities, as it says its web traffic has "increased meaningfully" in recent weeks. Free online flooring samples, extended hours for voice and click-to-chat support, and curbside store pickup are being offered.
All stores are operating under reduced hours and are closed on Sundays.
In February, company CEO Dennis Knowles resigned after a year of severe stock decline. Replacing Knowles will be both Charles E. Tyson and Nancy A. Walsh, who will co-lead the company until it finds a stable CEO. The Board has hired a national recruitment firm to assist it with the search.
Have something to say? Share your thoughts with us in the comments below.