Sports Direct said to be cutting executives' pay amid Covid-19
By Michele Maatouk
Date: Wednesday 01 Apr 2020
(Sharecast News) - Frasers Group, the owner of Sports Direct, will reportedly restrict the salaries of its top executives to a maximum of ?40,000 as it looks to guarantee March and April salaries for more than 20,000 employees.
According to an email sent to staff and seen by the Guardian, the retailer has also pledged to pay "virtually" all its "direct retail and head office staff their salaries until at least the end of April 2020".
The email read: "As part of this, our senior management team have taken voluntary pay reductions to ensure the group has the best chance of continuity.
"Each individual has reduced their basic pay to a maximum of ?40,000 a year, taking effect from May onwards. This is a tremendous first step and show of support towards securing the future of the Frasers Group."
Still, there was no mention of the thousands of agency staff that work in the group's Derbyshire warehouse in Shirebrook, the Guardian said.
Last week, the retailer scrapped a plan to stay open in defiance of the government's lockdown less than 12 hours after stating its stores were essential for people to stay fit.
Email this article to a friend
or share it with one of these popular networks:
You are here: news
10 Lower Thames St,
London EC3R 6EN