Our sector needs support if it is to survive: Ulta Beauty CEO petitions Washington as stores are shuttered

Our sector needs support if it is to survive: Ulta Beauty CEO petitions Washington as stores are shuttered

THE WHAT? Ulta Beauty has announced that all its stores will remain temporarily closed until it is safe to reopen and that it would pay store and salon associates through mid-April and provide benefits to those currently enrolled.

THE DETAILS Those working in distribution centers would receive a US$2-per-hour wage premium as a sign of the company’s gratitude for their continued commitment.

However, in her role as Chair of the Retail Industry Leaders Association, CEO Mary Dillon called on Washington to step in to help businesses survive in these unprecedented times, according to a report published by CNBC.

“We need companies to survive. We need people to go back to work,” she said in an interview on Squawk on the Street. “And so we are counting on making sure that the bill that passes really thinks this through and gives us options in terms of liquidity and capital.”

THE WHY? With a wage bill to meet but stores shuttered, companies’ cash flows are under pressure, with some 80-85 percent of sales rung through bricks and mortar stores in the US.

Leave a reply

Your email address will not be published. Required fields are marked *