US Foods Holding Corp. releases guidance on COVID-19 (coronavirus)
Amid the outbreak of the COVID-19 (coronavirus) pandemic, US Foods Holding Corp. (US Foods) releases guidance on how the coronavirus will impact its business and the food service industry in general. In order to mitigate the losses from restaurant, hospitality and education shut downs, US Foods secured new opportunities to support and sell to retail outlets, such as grocery stores. Furthermore, the company took steps to reduce operating costs and strengthen its financial liquidity. For example, all non-critical capital spending was eliminated, temporary furloughs in order to match reduced demand across many downstream markets, instituting a hiring freeze and reducing executive and board salaries.
COVID|ESG|M&AIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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