2020-04-22 16:02:49 SNBR Sleep Number
04/22/20 04/2216:02 04/22/2016:02 | Sleep Number says COVID-19 actions expected to result in $250M in reduced spendThe company has taken decisive actions to manage liquidity and costs through the challenging economic environment caused by COVID-19. The pandemic and ensuing government restrictions have resulted in the temporary closure of most of our retail stores since mid-March. The company took immediate measures to preserve cash: suspended share repurchases for the balance of the year, significantly reduced capital expenditures, compensation, benefits and discretionary spending, and temporarily furloughed 40% of its team members, with approximately another 30% working reduced hours. These actions are collectively expected to result in more than $250 million of reduced cash spending versus plan in 2020. |
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On The Fly
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Fly Intel: Wall Street's top stories for Wednesday »
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