Social distancing policies, the shuttering of fitness facilities and state governments advising consumers to remain at their residences have all negatively impacted demand. Dick’s does plan to retain a small number of staffers to help with curbside pickups and eCommerce orders.
“It is our goal that when this crisis subsides, we will welcome back our teammates, open our doors and get back to the business we love of serving athletes and our communities,” the company said in a statement.
The company’s stock was up by more than 6.5 percent as of 4:02 p.m. EST on Wednesday (April 8).
As previously reported, worker furloughs in the retail industry have far exceeded one million, particularly after the suspension of store workers by one of the biggest apparel retailers. TJX Companies Inc. said it would furlough most of its workers in the U.S. at retail shops and distribution centers.
Retailers across the country have stopped paychecks over the past two weeks following the closing of their retail stores in March due to the coronavirus. Many of the largest U.S. employers, such as Macy’s and Kohl’s, among others, have opted to save on labor costs and cash as retail stores stay closed.
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According to GlobalData Retail, more than 200,000 shops have closed for a time, with Americans adhering to stay-at-home orders to cut down on the coronavirus’ spread. TJX Companies Inc. closed all of its roughly 3,300 TJ Maxx, Marshalls, HomeGoods and HomeSense stores domestically in March.
