Brief: Farmer Brothers Provides Business Update

Farmer Bros Co

30/03/2020 13:59

March 30 (Reuters) - Farmer Bros Co  FARM.O :
    * FARMER BROTHERS PROVIDES BUSINESS UPDATE
    * FARMER BROS CO - HAS ELIMINATED POSITIONS ACROSS
ORGANIZATION
AND IS IMPLEMENTING A FURLOUGH PROGRAM FOR APPROXIMATELY 50% OF
ITS REMAINING WORKFORCE
    * FARMER BROS CO - FURLOUGHED TEAM MEMBERS MAY UTILIZE ALL
PAID
VACATION AND PERSONAL TIME AND WILL CONTINUE TO BE ELIGIBLE FOR
HEALTH BENEFITS
    * FARMER BROS - HAS ALSO INSTITUTED A TEMPORARY REDUCTION IN
BASE
SALARY OF CORPORATE TEAM MEMBERS AND SUSPENDED ITS 401(K)
MATCHING CASH CONTRIBUTIONS
    * FARMER BROS - EXECUTIVE LEADERSHIP HAS TAKEN VOLUNTARY 15%
REDUCTION IN BASE SALARY & BOARD OF DIRECTORS WILL FOREGO ITS
COMPENSATION FOR QUARTER
    * FARMER BROS CO - WORKING TO EVALUATE ANY RELIEF AVAILABLE
THROUGH CARES ACT, INCLUDING THROUGH INDUSTRY ASSOCIATIONS

Source text for Eikon:  ID:nGNX3xzcSK 
Further company coverage:  FARM.O 

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