SAN DIEGO, CALIF. — Petco Animal Supplies, Inc., one of the largest pet retail chains in the United States, announced it is implementing pay cuts, furloughs and reduced hours for its executive team, corporate office and hourly employees, effective April 27, in an effort to minimize the financial impact of COVID-19.
The company released a statement detailing these “difficult decisions and temporary changes” to its workforce.
Ron Coughlin, chief executive officer of Petco, will forego 100% of his salary, all senior vice presidents’ salaries will be reduced by 25%, and all vice presidents’ pay will be cut 15%.
Other hourly and salaried employees will be subject to either reduced hours, salary reductions, or rotating furloughs from their positions. The company has also eliminated 35 of its corporate office positions.
“Our aim with these changes is to keep our most valuable resource – our people – attached to our company and financially supported while protecting the long-term financial health and viability of our business,” Petco said.
Petco’s total workforce is estimated at 27,000 people. This latest update from the company suggests nearly all employees will be financially affected in one way or another.
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