REI said it would keep its 162 retail locations shuttered and furlough many of its roughly 14,000 employees without pay for 90 days as the coronavirus pandemic continues to paralyze much of the bricks-and-mortar retail sector.
CEO Eric Artz, who announced the decision in a blog post Monday, said he and the Kent-based company’s board would forgo their own compensation for six months; senior executives will take a 20% pay cut and forgo any 2020 bonuses. Furloughed employees will continue to receive health benefits during the 90-day period, the company said. . . . more