From this Tuesday until April 13, 2020, all Puma employees in Germany will be put on short-time work. This means that they will work 50% of their contractually agreed working hours. According to a statement from Puma, the employees will nevertheless continue to receive 100% of their salaries. This will consist of the short-time work allowance from the Federal Employment Agency and an additional payment from Puma until April 13, 2020.

This step had become necessary after all stores of the Herzogenaurach-based company as well as those of its trading partners in almost every country had been closed down by the authorities.

In view of the resulting drastic drop in sales, the members of the board under CEO Bjørn Gulden will forego their full salary in April. Members of senior management, i.e. General Manager and Global Director, will forgo 25% of their salary in April.

Puma was recently able to present a successful annual balance sheet. In 2019, sales grew by 18% to 5.5 billion euros, while net income increased by 40% to 262 million euros.

This article was originally published on the website of our sister magazine You can read the original German version here.

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