American Eagle Withdraws Q1 Guidance; Shutters Stores - Quick Facts

(RTTNews) - American Eagle Outfitters, Inc. (AEO) announced Tuesday that it is temporarily closing all of its American Eagle and Aerie stores in the U.S. and Canada in order to protect its people and communities, effective end of day March 17, 2020.

The specialty retailer is also withdrawing the first quarter 2020 guidance issued on March 4, 2020, as management expects store closures and the impact of coronavirus (COVID-19) to have a material adverse impact on financial results.

This is in response to the continued spread of COVID-19 and the guidance of government and public health officials. The closures will remain in place until at least March 27, 2020 and all store associates will be compensated for scheduled time during that period.

Online shopping via ae.com, aerie.com and through the AE/Aerie app will continue to operate as normal.

AEO is also taking steps to support its associates, with options for working from home, staggered work schedules for in-office requirements to facilitate social distancing and implementing enhanced sanitization and deep cleaning of operated facilities.

The company has also established a Relief Fund to provide additional assistance to associates affected by COVID-19 through the AEO Foundation.