Primo Water Corporation is currently in the process of laying off employees Worldwide. The bottled water delivery giant has claimed it has lost 50% of its revenue globally, and is taking drastic measures to compensate their losses due to the Novel Coronavirus outbreak. Majority of the losses stemmed from commerical customers who are closed due to the "stay-at-home" orders and/or "shelter-in-place" orders across the country.
CEO Tom Harrington said in a statement: "In an effort to further mitigate the financial pressure we are experiencing, I, along with members of senior management and our Board of Directors, will be voluntarily taking a reduction in base pay by 30% for the next 90 days."
Last check on Market Watch, PRMW (Cott Corp) stock was up 1.79% to 9.08 per share (+0.16).
Stay tuned for the latest updates on how the Coronavirus is affecting Primo Water Corp and its 10,000+ employee base.