Hansebrands, the parent company of Champion, sees its corporate family rating downgraded by Moody’s from ”stable” to “negative.” The rating agency cites the closure of retail stores and the possibility of a protracted reduction in apparel consumption because of the coronavirus outbreak. The company said that it is guaranteeing the benefits for the employees at 1,200 stores in the U.S., European and Australia that have been shut down and a further 575 employees in the U.S. Executives will get their pay reduced by between 10 and 30 percent on a sliding scale.

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