Asbury Automotive Group is furloughing 2,300 staff and slashing government pay because of the coronavirus pandemic, in line with a regulatory submitting.

The retailer cited a "sudden and vital decline" in U.S. automobile gross sales and repair operations for the cutbacks, the corporate mentioned Friday.

Asbury, the nation's seventh-largest dealership group, mentioned it additionally carried out non permanent pay cuts for all staff. CEO David Hult will see his wage diminished by 50 p.c, whereas base salaries for senior vice presidents, regional and discipline vice presidents and nationwide administrators can be diminished 20 p.c. All different vice presidents will obtain a 10 p.c wage minimize.

The corporate mentioned it was appearing "decisively in an effort to right-size its enterprise, cut back bills and mitigate the monetary affect" of the virus.

Along with the furloughs, hours are being diminished throughout the retailer's 88 shops and the corporate will droop a 401(ok) match for workers.

Asbury has "considerably...