Carter’s, Inc. (NYSE:CRI), the largest branded marketer in North America of apparel exclusively for babies and young children, provided a business update related to the COVID-19 pandemic.

“Carter’s is taking steps to address the challenges related to the current global health crisis,” said Michael D. Casey, Chairman and Chief Executive Officer. “We are focused on ensuring the safety of our customers and employees, serving the needs of families with young children through our wholesale and retail eCommerce capabilities, and improving our financial flexibility during this period of disruption in our business. We believe the strength of our brands and balance sheet, together with the support of our employees, customers, lenders and suppliers, will enable Carter’s to manage through the challenges in the months ahead.”

In light of the uncertainty and disruption related to COVID-19, the Company has taken the following actions:

For the safety of customers and employees, the Company suspended store operations in the United States and Canada beginning on March 19, 2020. To support thousands of dedicated store employees affected by this decision, the Company plans to continue their compensation and benefits through early April. Legislation pending in the United States and recently enacted in Canada is expected to provide additional assistance to the Company’s employees if store openings are delayed beyond early April due to continued concerns about their safety. The Company expects to reopen its stores as local conditions permit.

To support consumer demand, the Company will continue to make its brands available 24/7 online at www.carters.com, www.oshkosh.com, or www.skiphop.com. The Company’s distribution centers continue to operate and fulfill online demand from consumers and its wholesale customers.

The Company is withdrawing financial guidance provided on February 24, 2020 for the first quarter of fiscal 2020 and fiscal year 2020.

To improve near-term liquidity, the Company has drawn substantially all of the $750 million available under its revolving credit facility.

To create additional financial flexibility, the Company is reducing costs, inventory commitments, and capital expenditures. With respect to return of capital initiatives, the Company has suspended its share repurchase program and its Board of Directors will evaluate future dividend declarations based on a number of factors, including business conditions, the Company’s financial performance, and other considerations.

The Company expects to issue first quarter fiscal 2020 results and provide a business update at the end of April.