Dear Crossroads Community,
These are unprecedented times, and we hope this note finds you and your loved ones healthy and well. We’re reaching out to you today with a company update reflecting one of our key corporate values: a spirit of transparency.
As you are aware, due to government orders and for the protection of our communities, we temporarily closed all of our retail locations on Monday, March 16th. In our 28 years of business, we’ve never faced such a precarious retail environment. We’re a brick-and-mortar company that relies on our daily store operations to generate revenue, which in turn pays the heart and soul of our business, our employees.
So with our stores closed for a period of time that we’re unable to predict, we were forced this week to make the heartbreaking decision to furlough 85% of our workforce. Of all scenarios we considered for keeping our company afloat, this one offers us the best shot at reopening all of our stores, getting our entire workforce back into their jobs, and getting back to serving you.
For now, a small leadership team will continue to work at significantly reduced wages to navigate current obstacles and build plans for our next steps. The two of us are not taking any pay during this period.
We will continue to pay the rest of our team for any paid leave they have accrued, but once that is exhausted, they have been directed to state unemployment services for income support or any other governmental assistance that may come out. What we can offer is our commitment to continue paying their medical premiums for as long as our cash reserves allow. We cannot stress enough that our highest priority is to bring our team back on as soon as possible and resume normal operations.
We remain truly hopeful that our next update to you will be a positive one, welcoming back our team and loyal customers. In the meantime, please take care of yourself and know that we look forward to the day we can be of service to you again.
Chip Gerken & Gabe Block
President & CEO