Burberry continues to give worker’s pay amid virus outbreak

24.04.2020 - Petr Mazaylo
Burberry continues to give worker’s pay amid virus outbreak

Burberry (BRBY.L), a British luxury fashion brand, said on Friday that it will keep on paying its employees who can’t work because of store closures amid the virus outbreak. The company also added that it won’t depend on government support.

Burberry was already warned a month ago that its final quarter sales would be 30% lower because of the pandemic. Its shares were down by 2.6% at 0705 GMT, extending net losses of 41% in 2020. The company continues to monitor its cost base and decreased spending on non-essential areas.

In addition, Burberry stressed that it will not rely on government support for jobs in the United Kingdom, where more than a third of its employees are based. Some organizations have already used the government’s leave scheme for wage support in UK.

Starting April to June, senior managers and executives of Burberry will take voluntary 20% pay cut to donate funds to charities.

“While we continue to take mitigating actions to contain our costs and protect our financial position, we are also committed to safeguarding jobs and supporting the relief efforts during this global health emergency,” Chief Executive Officer Marco Gobbetti said in a statement.

Its trench coat factory in Castleford, North England is now manufacturing non-surgical gowns and supplying them to hospitals. It has also provided more than 100,000 pieces of personal protection equipment (PPE).

Risk disclaimer "PROMETHEUS LTD – Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands MH96960 is a financial services institution outside the European Union Area, which is subject to the supervision of the IFMRRC Certificate 0395 AA V0155 Trading in Forex/ CFDs and Other Derivatives is highly speculative and carries a high level of risk. It is possible to lose all your capital. 70% of trading deals can be unprofitable. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. This Website may contain information in particular regarding financial services and products that could be regarded b a E.U. supervisory authority as an offer of financial services targeted in Europe. ESMA intervention measures do not apply to customers of PROMETHEUS LTD and it is your responsibility to choose a company which is most suitable for your trading needs. By clicking continue you confirm that you have read, understood and agree to the risk disclosures, terms of service, cash policies, privacy policies and this notice and that you are visiting this website on your own initiative, without any encouragement whatsoever from umarkets.ai or PROMETHEUS LTD." Cookies notification: We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we assume that you are happy with it. Read more. Continue

Help with deposit?