Culp announces withdrawal of guidance, sale of eluxury to increase liquidity

Culp announces cash strategy and business update in response to covid-19, including sale of eluxury and withdrawal of guidance.culp inc - implementing a temporary salary reduction of 50% for co's executive chairman, ceo.culp inc - furloughing associates as necessary to align with demand and making other workforce adjustments.culp inc - suspending merit pay increases until further notice.culp inc - suspending company's share repurchase program indefinitely.culp inc - aggressively reducing expenses, capital expenditures.culp inc - to date, culp has experienced significant reductions in demand in many of its markets.culp inc - completing a strategic sale of majority interest in eluxury, llc to minority owner of eluxury in order to increase liquidity.
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