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Tanger Outlets executives agree to salary reductions to avoid layoffs

The move comes as the coronavirus outbreak continues to hurt retail business.

In an effort to avoid a workforce reduction and to maintain health care benefits for all employees during the COVID-19 crisis, the Tanger Outlets executive leadership team and board of directors have elected to temporarily reduce their base salaries and cash retainers.

Steven Tanger, CEO, has agreed to a 50% reduction, and the remainder of the company's named executive officers have agreed to a 25% reduction. 

Lesser reductions in salaries and wages for other officers and certain employees will also apply.

To read more about the cost-cutting move, click here for the full story on the Triad Business Journal's website.

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