(Alliance News) - Ross Stores Inc on Friday said it has closed all Dress for Less and dd's Discounts locations in the US effective immediately until April 3.
The discount department store chain said the closures come as a result of the rapid spread of the virus that causes Covid-19. In support of its workers, Ross said it will provide up to two weeks of continued pay for any full-time or hourly associate who cannot work due to a COVID-19 related closure.
"We want to emphasize that in these unprecedented times, the safety and well-being of our customers and associates will always be of the utmost importance to us. Today, we decided to close all locations to help prevent the ongoing spread of the coronavirus," said Chief Executive Barbara Rentler.
On Thursday, Ross Stores had withdrawn its earnings guidance, saying that sales had declined following the closures of stores in certain markets. It also announced the suspension of its USD1.28 billion share buyback programme and said it would draw down USD800 million under its revolving credit facility to add to its cash balances.
The stock was trading 5.6% higher at USD68.61 each on Friday in New York.
By Ife Taiwo; ifetaiwo@alliancenews.com
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