Supercuts Parent Regis Close Company Salons

-Hair salon operator Regis Corp. RGS, -5.64% said Tuesday it has temporarily closed all of its company-owned sales for at least two weeks, citing continuing uncertainties around the COVID-19 pandemic. The company, which salon brands include Supercuts, Cost Cutters and SmartStyle, also said it was furloughing a “substantial majority” of its workforce, representing about 485 employees across its corporate office, field support and distribution centers, starting on April 5 and lasting at least 30 days. Regis said it will pay a portion of benefits premiums during thie period. In addition, the company said it was cutting the chief executive’s wage by 60%, and wages of vice presidents and above by 30% and the wages of all other employees who will be working full time by 20%. “Given the still uncertain duration and severity associated with the COVID-19 pandemic we have taken additional, aggressive steps to preserve the financial integrity of our company and to protect the safety of our employees and customers,” said CEO Hugh Sawyer. The stock, which was still inactive in pre-market trading, has lost 64.6% over the past three months, while the S&P 500 SPX, -1.59% has declined 18.7%. Payback is a coming REGIS.