Thread regarding The Container Store layoffs

TCS Apocalypse: Furloughs, pay cuts and shorter hours

Source below...

  • The Container Store Group announces furloughs, pay cuts and reduced store hours
The Container Store Group Inc. has announced corporate pay cuts, furloughs and reduced hours for stores in response to the COVID-19 pandemic, according to a news release.
The Coppell-based company is also furloughing some of its corporate employees starting Monday. However, the company that specializes in organization products did not specify how many employees it was furloughing.

The retail chain will reduce the base salaries of Chief Executive Officer and Chairwoman Melissa Reiff and other executive officers by 45 percent and 33 percent respectively. Reiff and Chief Financial Officer and Chief Administrative Officer Jodi Taylor have changed their employment contracts to defer annual cash bonus payments for the 2020 fiscal year ending in March temporarily.

The company’s senior management team’s base salaries have been "temporarily reduced by varying amounts," and performance-based cash bonuses also have been temporarily deferred, according to the release. Non-employee members of the company’s board of directors agreed to waive their quarterly retainer fees that were scheduled to be paid April 1.

The Container Store (NYSE: TCS) also has temporarily reduced store hours for its stores that remain open. The retailer previously announced that it has closed about 40 stores based on guidance from government officials and health authorities. Store employees at the Container Store that are impacted by temporary closures are receiving two weeks' pay and benefits.

“Our sales performance was tracking to our plans until mid-March; however, we have since seen a significant traffic decline in stores which has been partially offset by a surge in our online demand,” Reiff said in a prepared statement.

The company has also drawn $50 million under its revolving credit facility amid the coronavirus pandemic.

Additionally, the retailer has withdrawn its financial guidance for the fiscal year ended March 28, 2020, previously issued on Feb. 4, noting that it was not providing preliminary results for fiscal 2019 at this time.

SOURCE

https://www.bizjournals.com/dallas/news/2020/03/30/the-container-store-group-coronavirus.html?ana=yahoo&yptr=yahoo
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| 1431 views | | 5 replies (last )
Post ID: @OP+14g4SZAL

5 replies (most recent on top)

And yet, while many are laid off from the home office and stores, executive vp's insist on posting pictures of the c—tails they are enjoying...c—tails that are being paid from the wages saved by furloughed employees. Have you no shame? Have you no idea what is right and what is wrong?

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Post ID: @2jsh+14g4SZAL

The CEO and all management (especially do-nothing Area and Regional Direcotrs) should be taking $0 in salary while the guts, the lifeblood, the rank and file employees are laid off and stores are closed.

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Post ID: @1vfd+14g4SZAL

Don’t fool yourselves.....this company is never about employees first.

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Post ID: @vhs+14g4SZAL

Now that many stores are closed, will The Container Store donate their masks to those who need them?
I used to work for TCS for many years. To those who don't know - face masks are used in every single one of their stores for order-processing (along with eye gear and earplugs). There are hundreds of masks in each store, as well as thousands of them in each of the 2 distribution centers.
Why not donate them??

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Post ID: @ipv+14g4SZAL

Management was getting boxed in...

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Post ID: @ijf+14g4SZAL

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