Why Shares of Designer Brands Are Down Sharply Again Today

Shares of Designer Brands (NYSE: DBI) were down sharply on Tuesday morning after the company said it will temporarily close stores and cut its dividend in response to the ongoing coronavirus pandemic.

As of 11:30 a.m. EDT, Designer Brands' shares were down about 11.2% from Monday's closing price.

In a shareholder update released with earnings before the markets opened on Tuesday, Designer Brands said that it will close all of its retail locations in North America at the end of the day on March 17. (Its warehouses will remain open to fulfill online orders.) Designer Brands is the corporate parent of the Designer Shoe Warehouse and Shoe Company retail chains.

Source Fool.com