Party City stocks drops after stores shuttered until further notice, furloughs 90% of store workers [MarketWatch]
Party City Holdco Inc. (PRTY)
Last party city holdco inc. earnings: 3/12 06:55 am
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Source: MarketWatch
Party City Holdco Inc. stock dropped 11% in Wednesday premarket trading after it announced that its stores will remain closed until further notice. The retailer has furloughed 90% of its store staff, as well as 70% of manufacturing, wholesale and corporate staff. Party City has 18,300 employees, according to FactSet. Party City will continue to pay for health benefits and there is a fund for workers experiencing economic hardship. Chief Executive Brad Weston will halve his base salary, Chief Financial Officer Todd Vogensen will cut his pay by 30%, and the remaining senior executives will reduce their base pay by 15% to 20%. The board will also forego their second-quarter cash retainer. The company is slashing its 2020 capital expenditures. Party City stock has lost 94% of its value over the past year while the S&P 500 index is down 8.2% for the period.
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