“We are being proactive across the board because we don’t believe that the market is going to turn around anytime soon and we owe it our employees to not manage the business with optimism,” Volcom told SES in a statement.
“This virus and associated actions are moving so fast that one day feels like a decade, so we had to react swiftly.”
“Approximately 75% of U.S. staff is furloughed and nearly 100% of the European is staff furloughed. The U.S. company is paying all benefit costs and paying out paid time off accruals if requested. The staff will be eligible for unemployment. The EU staff is accessing their governments’ social benefits.”
“Our goal is to bring the staff back but right now, it’s like a free fall. Our offices and retail stores in U.S. and EU are closed until it’s safe to reopen.”
In these uncharted and uncertain times with no end in sight, it’s inevitable that more brands will be succumbing to the economic effects of the global retail shutdown. Brace yourself for what’s to come.