Steve Madden to Furlough Employees, Cut Top Execs’ Pay As Coronavirus Crisis Persists
Steven Madden Ltd. has become the latest footwear company to announce furloughs and pay cuts — including those of its top executives — as the coronavirus continues to batter retail across the board.
In a filing today with the Securities and Exchange Commission, the New York-based shoemaker announced plans to furlough a “significant” number of its workers starting April 1. Those who take home more than $100,000 per year, on the other hand, will see their salaries reduced by graduated amounts.
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