Haverty Furniture Companies Inc. /zigman2/quotes/208838841/composite HVT +2.66% said Monday that while it expects to reopen all of its stores by mid-May, it was reducing its workforce by 34%, given the "dramatic shock" from the coronavirus pandemic and the uncertainty over the ongoing impact. The home furnishings retailer, with stores in 16 states in the Southern and Midwestern regions, said it was reducing its workforce of 3,495 by about 1,200. The stock rallied 5.3% in afternoon trading. The company said it was extending the furlough of about 730 employees for another 30 days. On April 1, the company said it was extending its core closures for another 30 days, from the original expectation of April 2, and furloughed 3,033 employees, or 87% of its workforce. Haverty expects to reopen 108, or 90% of its 120 stores, on May 1, and the remaining stores by mid-May. The stock has dropped 35.8% over the past three months, while the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.24% has lost 11.5%.