Capri Holdings Ltd. /zigman2/quotes/206301876/composite CPRI +3.09% said Monday that it will furlough all 7,000 of its North American retail store workers, effective April 11. Workers had been receiving pay since stores closed on March 18, with stores originally planned for reopening on April 10. The company, whose portfolio includes Michael Kors, Versace and Jimmy Choo, now says stores in North America and Europe will remain closed until June 1, or until it's safe to resume operations. In the future, the company says it will restructure, with some corporate jobs eliminated. The board will see its compensation halved in fiscal 2021. And Michael Kors, Donatella Versace, Capri Chief Executive John Idol and Jimmy Choo Chief Executive Sandra Choi will forego their fiscal 2021 pay. The company seeks to reduce overall salaries at various levels by 20%. Capri has suspended share buybacks, reduced capital expenditures and taken other cost-saving measures. The company has drawn down the entirety of its $300 million revolving credit facility, and has $900 million in total cash and cash equivalents on its balance sheet. Capri shares are up 8.6% in Monday trading, but down 81% over the past year. The S&P 500 index /zigman2/quotes/210599714/realtime SPX +1.05% is down 10.7% for the last 12 months.