The Buckle, Inc. announced that at its quarterly meeting of the board of directors, held on March 23, 2020, the Board deferred making a decision on dividend payments until its next regularly scheduled Board meeting.
As announced last week, Buckle temporarily closed all of its brick & mortar retail stores from March 18, 2020 through March 31, 2020 in response to the global COVID-19 pandemic. Given the uncertainty regarding the potential length and severity of the pandemic, as well as the potential impact on the company, the Board elected to defer the dividend decision to maintain the company’s cash position and give it financial flexibility. As an additional measure, the company also announced that both its Chairman, President and CEO have elected to forgo their salary until such time as normal business operations resume. Similarly, the company’s Board of Directors has elected to forgo their respective quarterly cash retainers for the current quarter.
Photo courtesy Buckle