Movado Group Announces Expense Reductions In Response To COVID-19

(RTTNews) - Movado Group, Inc. (MOV) has decided to furlough approximately 850 employees, or approximately 80% of its North American workforce, effective April 6, 2020 through the end of May or such other time as circumstances warrant. The company is taking similar actions around the globe.

Movado Group said it will reduce salaries for its salaried employees, including Chairman and Chief Executive Officer, Efraim Grinberg, who has volunteered to forego all salary during the furlough period. All remaining salaried employees have agreed to a salary reduction of 15% to 25%.