Designer Brands Says It Must Become a 'Dot-Com-Only Business' During Pandemic
Footwear manufacturer and retailer Designer Brands (NYSE: DBI) has been caught flat-footed by the coronavirus pandemic that's left its business reeling.
After the shoe specialist announced it was closing all of its stores, CEO Roger Rawlins said it is essential the company "pivot to operating as a dot-com-only business." Any personnel not supporting its online business -- more than 80% of its workforce -- is being put on a "temporary unpaid leave of absence," and even those who remain will see an indefinite cut in pay. Executives and directors are taking a 20% cut in pay and compensation.
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Source Fool.com
