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Life Time Fitness CEO Bahram Akradi said Wednesday his company will be forced to furlough almost all of its workforce if Congress doesn’t act and President Trump is unable to set an “end date” for the economic shutdown caused by coronavirus.
Because governors in states such as Pennsylvania, New York, New Jersey and California have deemed many businesses “non-essential” or “non-life-sustaining,” places like Life Time Fitness have been forced to shutter.
Akradi told “The Ingraham Angle” he has been working with his fellow executives to figure out how to keep his 40,000 employees paid and “financially safe” through the coronavirus pandemic’s run.
“We made the commitment as soon as this thing broke out a couple weeks ago: We immediately canceled 100 percent of myself and my executive team’s compensation — that’s every last dollar. We committed to pay our team members through Friday, March 29,” he said.
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Host Laura Ingraham noted Akradi is one of many executives demonized by liberal politicians in Congress who have decried Republican attempts to help them through this uncertain and tough time — despite acts of kindness like the one he laid out.
“After what I have seen comes out of these stimulus plans, without having a certain date that we know we can go back to work, I have no choice but to put probably about 90 percent of my 40,000 people on furlough,” Akradi warned.
He went on to praise President Trump’s key actions through this economic downturn, saying he is a good businessman and has the “right instincts.”
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Akradi said Trump therefore understands that shuttered businesses cannot survive long without a date certain or financial security.
“If I know I can get my people back to work on 15th of April, I absolutely would pull them right back off the furlough immediately,” he said. “If I know that we can be back to work by May 1 I can make provisions.
With a date certain, “we can make sure all of our employees will get full [benefits],” he added.