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    Stock Market News: Volatility Up 14% As Markets Fall

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76ers, Devils reverse decision to cut salaries up to 20%

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March 24, 2020
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76ers, Devils reverse decision to cut salaries up to 20%
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The logo for the National Hockey League’s (NHL) New Jersey Devils is displayed outside the team’s home arena, the Prudential Center, in Newark, New Jersey.

Victor J. Blue | Bloomberg | Getty Images

After mounting pressure from players, employees and the public, the owners behind the Philadelphia 76ers and New Jersey Devils are reversing course on their decision to force employees to take a temporary 20% pay cut.

“After listening to our staff and players, it’s clear that was the wrong decision. We have reversed it and will be paying these employees their full salaries….To our staff and fans, I apologize for getting this wrong,” owner Josh Harris said in a statement Tuesday.

The reversal comes after Philadelphia 76ers and New Jersey Devils’ employees were informed on Monday that they will be receiving temporary salary reductions of up to 20% starting April 15 and going through the end of June. The cuts initially applied only to employees making more than $50,000, but the team changed…



Source cnbc.com

Tags: 76erscutdecisionDevilsreversesalaries
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