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Pricerite cuts executive director salaries by 40%

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Hong Kong furniture retailer Pricerite has announced new measures to curb the financial stress brought about by the coronavirus outbreak. Between February and May, back-office employees are taking no-pay leave, and senior management’s salaries will be reduced by about 20%. Until June, executive directors are taking a 40% pay cut.

In the previous nine months, Pricerite has closed four branches and sacked 10% of its frontline workers due to the anti-extradition bill protest. The company said if the current situation does not improve in the short term, it will be forced to further axe jobs and stores.

“The landlords have been telling us that they are facing difficulties in offering rent reduction, but I hope that we could face this challenging time in partnership. It is an uphill battle. Do we really want to see Hong Kong’s unemployment rate continue worsening?” said Bankee Kwan, the owner of Pricerite.

Pricerite currently operates 27 stores and employs 800 full-time and part-time staff.

The story was first reported by The Standard.

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