MAHWAH, N.J., March 30, 2020 (GLOBE NEWSWIRE) -- ascena retail group, inc. (Nasdaq: ASNA announced additional measures being taken to mitigate the financial impact of COVID-19.

Gary Muto, Chief Executive Officer of ascena commented, “We have been continuously monitoring the impact of COVID-19 and are putting our associates, customers and community at the center of everything that we do. In light of the current environment, we have extended the temporary store closures and will continue to reassess as information becomes available. We are taking immediate steps to reduce costs and preserve cash so that we are able to resume operations when we emerge from this crisis.”

Due to the uncertain environment, the Company made the extremely difficult decision to implement a furlough program across its business, including all store associates and close to half of its corporate associates. During this time, furloughed associates who are participating in any of the Company’s medical benefit plans will keep those benefits.

Mr. Muto continued, “Impacting our associates is one of the most difficult decisions we have ever had to make as an organization. I want to thank our team members for their unwavering commitment to our customers and brands.”

In addition to the furlough program, the Company announced temporary reductions in the base salaries of all corporate associates above a certain salary beginning this week. The base salaries of Carrie W. Teffner, Interim Executive Chair and Gary Muto, Chief Executive Officer, will each be reduced by 50%. Reductions for other executives and corporate associates above a certain salary will range from 10% to 45% depending on base pay.

About ascena retail group, inc.

Ascena Retail Group, Inc. (Nasdaq: ASNA) is a national specialty retailer offering apparel, shoes, and accessories for women under the Premium Fashion segment (Ann Taylor, LOFT, and Lou & Grey), Plus Fashion segment (Lane Bryant, Catherines and Cacique) and for tween girls under the Kids Fashion segment (Justice). Ascena Retail Group, Inc. through its retail brands operates ecommerce websites and approximately 2,800 stores throughout the United States, Canada, and Puerto Rico.