Herzogenaurach, March 24, 2020
PUMA announces immediate measures to deal with economic impact of COVID-19
Sports company PUMA has taken immediate measures to ease the impact of the current challenging business environment, as all of its own stores in almost every part of the world, as well as the stores of its wholesale partners, have been closed by authorities.
In the light of this drastic sales shortfall, PUMA’s board members (CEO, CFO and CSO) have decided to reduce their April salaries by 100%, while Senior Managers (such as General Managers and Directors) will have their April salaries reduced by 25 %.
All other PUMA employees in Germany will be working short time from March 24 to April 13. For employees in our offices, this means they will be working 50% of their contractually agreed working hours. As all PUMA stores in Germany are closed, our store employees are on 100% short time working, not working at all. However, all will receive 100% of their previous net salary, which consists of short-time pay by the Bundesagentur für Arbeit and a voluntary contribution by PUMA to top up the rest until April 13, 2020.