I trust this email finds you healthy and safe. I writing to you today to provide an update on Econoco's operational status.
Econoco continues to follow the governor's mandates in both the State of New York and the State of Pennsylvania. Governor Cuomo continues to decree that no more than 10 people shall operate in a single space in New York State. With ten times the amount of infections that anywhere else in the country, we are maintaining strict guidelines for our NY based employees.
The administrative staff in Hicksville has been operating remotely for almost two weeks. In the state of Pennsylvania, Econoco's designation as a Wholesale Durable Goods Warehousing and Distribution business allows our distribution facility to remain open and like Governor Wolf's mandate stipulates, we are maintaining distance between workers, continuously sanitizing the equipment, desktops, pallet racks and shipping stations while wearing mandatory protective gear including face masks and gloves.
Our fixture and mannequin inventories are high and new containers are expected to roll into our facility starting on April 9 after five weeks of no inbound goods. With a slowdown in retail and wholesale sales from coast to coast, we are slowing down the rate of production to maintain the pace of our sales and our ability to store products given our finite amount of space.
Our Chinese partners have been incredibly accommodating particularly when their production capacity plummeted when workers could not resume work after Chinese New Year. Now while Chinese factories are almost all at 100% capacity, it is our turn to feel the slow-down.
Some of our administrative and warehouse staff are being furloughed temporarily starting on Thursday April 2. We expect them all to be back with us the minute we feel the market shows signs of a recovery. Our balance sheet remains strong although we will be watching our cash and receivables closely in the coming weeks. We are also studying the CARES ACT to see which options are best for us.
Many of you I know personally for decades. Those friendships are based on trust. While we plan to operate the business efficiently and effectively through this crisis, the staff and I are committed to acting in a humane and compassionate manner when it comes to dealing with our staff and our customers.
Please feel free to reach out to me by phone or email should you have any questions or concerns or simply just want to check in.
I hope you all remain healthy and safe and once we are confident there, we can then worry about stores reopening and shoppers resuming their buying power.
Very best regards,
CEO | 1-800-645-7032 x310
Econoco Corporation | Mondo Mannequins