Sri Lanka, April 1 -- Sri Lanka's largest apparel exporter Brandix Lanka Ltd (BLL) is rolling out several substantial cost-cutting initiatives, including up to 60 percent pay cuts for executive cadre and board members foregoing compensation for a period of six months, to stay afloat, as the cash flows dry out due to the adverse impacts stemming from the COVID-19 pandemic.

"Over the past few days, we have worked around the clock to preserve cash and protect our company. Without committed revenues, we are compelled to take difficult actions and are required to significant costs out of the business," Brandix CEO Ashroff Omar said updating the staff on the prevailing situation via a memo recently.

Accordingly, the board of directors of Bran...