TAMPA — Lazydays, a recreational vehicle dealership headquartered in Tampa, has taken numerous steps to deal with the economic fallout of the COVID-19 pandemic, including laying 25% of its workforce — approximately 230 people.
According to a press release, members of the Lazydays senior management team will see their salaries reduced by 25% while the company attempts to keep its doors open during the crisis. The firm has also decided to suspend 2020 pay increases and its 401k match program, in addition to delaying noncritical capital projects.
"Despite the very strong sales activity experienced for most of the first quarter, we have begun to see a decline in store traffic and demand driven by recent events," Lazydays Holdings Inc. Chairman and CEO William Murnane states in the release. "The overall magnitude and length of the impact from the coronavirus pandemic is uncertain at this time. We are hopeful the duration will be relatively short, but believe it could possibly be months or quarters before business returns to normal."
Murnane adds, via the release, "Our hardworking and dedicated employees are the soul of our business and it is very difficult to take these actions. However, we must respond quickly with every action possible to maintain our ability to serve our customers now and as the industry recovers.”
Lazydays (NASDAQ: LAZY) reported gross revenue of $608.19 million in 2019, down from $614.84 million in 2018. The firm operates dealerships in Florida, Arizona, Tennessee, Minnesota and Colorado, as well as two RV campgrounds.