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PVH CEO Talks Shock Of Positive Coronavirus Test, 'Painful' Time For Retail

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PVH CEO Talks Shock Of Positive Coronavirus Test, 'Painful' Time For Retail

It was likely a matter of time before the CEO of a Fortune 500 company became infected with the coronavirus, and PVH Corp (NYSE: PVH) CEO Manny Chirico may hold the unfortunate distinction of being first.

Chirico Feeling 'Fine'

Chirico serves as a board member at the Montefiore Medical Center in Bronx, New York, and everyone who has reason to be in the hospital for a period of time has to be tested for the coronavirus, he said Wednesday evening during a CNBC "Mad Money" interview with Jim Cramer. Despite showing no symptoms, the apparel executive said he was "shocked" to find out he was positive.

Chirico said he immediately isolated himself from his live-in parents and suspects his wife may also have the disease. But so far he told Cramer he feels "fine."

Chirico said he remains motivated to support the policemen, firemen and emergency workers at all hospitals who go out every day to put themselves at risk.

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Talking Business: 'Painful Process' Ahead

PVH's retail partners, including Macy's Inc (NYSE: M), were struggling prior to the coronavirus outbreak, and the coming weeks will be a "painful process," the CEO said.

Macy's in particular continues to do "what's necessary to weather the storm," and the retailer is backed by "substantial assets" that can help generate cash, he said. 

Once the virus is resolved, Macy's is "clearly" going to be a "survivor," and PVH has lots of confidence in its management team, Chirico said. 

Chirico also said he previously expected the retail industry to undergo "significant consolidation," but the coronavirus is accelerating the pace.

"It probably will accelerate some of the store closings that need to take place and I think it'll make us a more efficient industry, but there will be pain going through it," he said. "There's no doubt about it."

PVH shares were trading 6.1% higher at $34.62 in Thursday's premarket session. 

Related Links:

PVH Reports Q4 Earnings Beat

Macy's Downgraded From S&P 500 To SmallCap 600 Index As Company's Market Cap Shrinks To $1.5B

 

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