L Brands Inc. is suspending its dividend, furloughing workers and cutting executive pay amid the coronavirus pandemic, the company said March 27.

L Brands is suspending its quarterly cash dividend beginning in the second quarter of fiscal 2020. It is also reducing expenses and capital expenditures.

The company said senior vice presidents and above will take a 20% cut in their base salary.

The retailer has also suspended the cash pay of Chairman and CEO Leslie Wexner and other members of the company's board. Annual merit increases will also be deferred.

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L Brands will also furlough most of its store associates until further notice.

Those who are not working to support online businesses or who cannot work from home will be furloughed as well, L Brands said. The move is effective April 5.

In addition, L Brands is extending the closure of all Bath & Body Works, Victoria's Secret and PINK stores in the U.S. and Canada. The company on March 17 temporarily closed the stores through March 29.

The company said it is not currently able to predict when the stores will reopen, but associates will continue to receive pay and benefits through April 4.

L Brands on March 17 withdrew its earnings guidance for the first quarter of fiscal 2020 and borrowed $950 million from its revolving credit facility.