Coronavirus Latest: Under Armour Laying Off Hundreds, Cutting Leaders' Pay
BALTIMORE (WJZ) -- Under Armour will lay off hundreds of workers nationwide due to the coronavirus, the company said Friday.
The temporary layoffs, which will begin April 12, include around 600 workers at distribution centers as well as employees at its brand and factory stores.
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The Baltimore-based fitness clothing company said it has paid employees up to four weeks of full pay since the COVID-19 pandemic began.
"While we're thankful for the meaningful balance sheet improvements we've driven over the past two years and we are seeing some early signs of recovery in our APAC region, this unanticipated shock to our business has been acute, forcing us to make difficult decisions to ensure that Under Armour is positioned to participate in the eventual recovery of demand," the company said in a statement. "We do not take these decisions lightly and are doing all we can to minimize the impact on our teammates during this time."
Under Armour will also cover the full cost of health insurance benefits for eligible employees for approximately two months.
Company leaders, including the board of directors, executive vice presidents and higher-ranking officials will also take a 25 percent pay cut during the pandemic.
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