Lifetime Brands Implements Temporary Cost Savings Plans in Response to Covid-19

   By Stephen Nakrosis 
 

Lifetime Brands, Inc. said it would cut executive salaries, furlough workers and suspend its May dividend as part of its response to the impact of the continuing Covid-19 pandemic.

"Like many of our customers, suppliers and industry peers, Lifetime is facing unprecedented challenges in light of the evolving COVID-19 pandemic," said Chief Executive Robert Kay.

Mr. Kay and Executive Chairman Jeffrey Siegel are voluntarily reducing their base salaries by 20% and board members have agreed to reduce the cash portion of their annual compensation by 20%, the company said.

The company also said it was furloughing "a number of employees in various functions throughout the company as a precautionary measure in the event of a prolonged economic downturn."

Lifetime is pushing back the timing of its quarterly dividend, which was originally payable on May 15. The company said a new record and payment date will be announced before May 1.

The company also said its "supply chain remains wholly intact, bolstered by actions which have resulted in an adequate and continued supply of product," and "while preliminary, our first- quarter revenues appear to have remained consistent with our expectations, which were in line with the prior year."

Lifetime Brands makes and sells kitchen and tableware products.

Write to Stephen Nakrosis at [e-mail]

(END) Dow Jones Newswires

April 02, 2020 18:44 ET (22:44 GMT)

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