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Caleres extends store closures and bolsters financial position

Apr. 02, 2020 7:55 AM ETCaleres, Inc. (CAL) StockBy: Niloofer Shaikh, SA News Editor
  • Caleres' (NYSE:CAL) branded retail and Famous Footwear stores will remain closed until further notice.
  • The company is leveraging the solid relationships within its supply chain to reduce inventory and receipts and extend credit terms; deferring or canceling capital projects; limiting cash outflows associated with the retail store closures; postponing certain marketing activities; and evaluating promotional cadence.
  • As a result of realignment of its staffing needs, the company has laid off or furlough Associates across its retail stores, distribution centers and corporate operations and has implemented salary reduction across all levels of the remaining global workforce, including the executive leadership team and the board of directors.
  • CAL +5.25% premarket.

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