Deckers Brands (DECK -5.31%) is the latest retail chain to announce store closures because of the novel coronavirus. It probably won't be the last.
This morning, the maker of UGG, Teva, Hoka, Koolaburra, and Sanuk footwear announced that all of its UGG stores in North America and Europe, "as well as the Sanuk store in Orlando," are closed through March 31.
Image source: Getty Images.
Deckers was quick to clarify that it considers this a temporary measure and that "the e-commerce operations of the Company's brands remain open to consumers."
The Company's fulfillment and distribution centers are continuing to operate, albeit "with increased precautionary health and safety measures instituted in accordance with the combined advice of both expert agencies and local authorities." And e-commerce operations are being supported by "customer experience teams, who are working remotely."
The company has also "proactively shifted corporate employees to a work from home status as appropriate."
As for the retail employees who will be unable to work during the store closures, Deckers noted that they "will continue to receive pay and benefits during this temporary closure period."
Elsewhere in retail, Nordstrom announced today that it is also temporarily closing all of its store in the U.S. and Canada. Nike, Apple, and Microsoft have all closed their retail stores as well. Walmart said yesterday that it will shift its stores from a 24/7 schedule and its stores will be open only from 6 a.m. to 11 p.m. "until further notice."
Perhaps it's because of this "misery loves company" effect that Decker's stock is now down just 1% as of 2:30 p.m. EDT -- after falling as much as 11% earlier in the day.
