Business
The Lovesac Company Provides Business Update on COVID-19
STAMFORD, Conn., March 17, 2020 (GLOBE NEWSWIRE) -- The Lovesac Company (Nasdaq: LOVE) today announced that in response to the escalating global coronavirus
About this update from The Lovesac Company
[{"type":"text","content":"STAMFORD, Conn., March 17, 2020 (GLOBE NEWSWIRE) -- The Lovesac Company (Nasdaq: LOVE) today announced that in response to the escalating global coronavirus (COVID-19) outbreak, it will temporarily close all showroom locations effective at the close of business Tuesday, March 17, 2020. The Company expects these showrooms to remain closed through April 5, 2020. All showroom associates will continue to receive full pay and benefits for their scheduled shifts during that time. These decisions will be re-evaluated as new information becomes available regarding the COVID-19 pandemic.\n During this time, customers can continue to shop online at www.lovesac.com given the Company’s unique ability to deliver comfortable sofas and seating direct to the customers’ door through its ecommerce delivery model. Our corporate employees located at our headquarters office have been instructed work remotely for the foreseeable future. Shawn Nelson, Chief Executive Officer, said, “The health and safety of our associates, customers and communities remain our top priorities during these unprecedented times, and these concerns continue to guide our decision-making process. We are taking this step to ensure we are doing our part to prevent the spread of COVID-19. We hope everyone stays safe and look forward to coming together again soon.” About The Lovesac CompanyBased in Stamford, Connecticut, The Lovesac Company is a direct-to-consumer specialty furniture brand with 91 retail showrooms supporting its ecommerce delivery model. Lovesac’s name comes from its original Durafoam filled beanbags called Sacs. The Company derives a majority of its current sales from its proprietary platform called Sactionals, a washable, changeable, reconfigurable, and FedEx-shippable solution for large upholstered seating. Founder and CEO, Shawn Nelson’s, “Designed for Life” philosophy emphasizes sustainable products that are built to last a lifetime and designed to evolve with the customer’s needs, providing long-term utility and ultimately reducing the amount of furniture discarded into landfills. Cautionary Statement Concerning Forward Looking StatementsCertain statements either contained in or incorporated by reference into this press release, other than purely historical information, including estimates, projections and statements relating to our business plans, objectiv...