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Healthcare

BRIEF-Carmax To Furlough Around 15,500 Associates

April 8 (Reuters) - Carmax Inc:

* EFFECTIVE APRIL 18, 2020, APPROXIMATELY 15,500 CARMAX ASSOCIATES WILL BE PLACED ON FURLOUGH

* MAJORITY OF FURLOUGHED ASSOCIATES ARE EMPLOYED AT CARMAX STORES THAT ARE CURRENTLY CLOSED DUE TO GOVERNMENT MANDATES

* EFFECTIVE IMMEDIATELY, CARMAX PRESIDENT AND CEO BILL NASH IS FORGOING 50% OF HIS SALARY

* EACH MEMBER OF COMPANY’S SENIOR LEADERSHIP TEAM IS TAKING A REDUCTION IN PAY UNTIL FURTHER NOTICE

* BOARD HAS UNANIMOUSLY DETERMINED TO FORGO THEIR CASH RETAINER INDEFINITELY

* INSTITUTING A HIRING FREEZE, REDUCING INVENTORY LEVELS, REDUCING MARKETING SPEND

* CEASING STORE EXPANSION ACTIVITY AND REMODELS, AND HALTING SHARE REPURCHASE PROGRAM

* PROVIDING UPDATE ON SIGNIFICANT ADJUSTMENTS TO STAFFING LEVELS AND OTHER EXPENDITURES IN RESPONSE TO UNPRECEDENTED CORONAVIRUS PANDEMIC Source text: (bit.ly/2yDYHBM) Further company coverage:

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