German luxury fashion brand Hugo Boss AG (HUGSF.PK) said that its Managing Board and the Supervisory Board have decided to propose to the Annual Shareholders' Meeting that the dividend payment for fiscal year 2019 will be suspended.

The negative effects of the Covid-19 pandemic on macroeconomic development are currently also leading to a significant decline in sales, profitability, and cash flow at the company.

The Managing Board and the works council of HUGO BOSS agreed to introduce short-time working for Germany-based employees starting in April 2020. The Managing Board of HUGO BOSS AG will also participate in the measures to secure cash flow and voluntarily waive 40 percent of its basic remuneration for the months of April and May 2020.

The virtual Annual Shareholders' Meeting is scheduled to take place on May 27, 2020 and will fulfill all the conditions required by the new law.

On May 5, Hugo Boss will release its quarterly statement for the first three months of 2020.(DPA)

 

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