March 24, 2020—Valvoline says that the company is committed to keeping as many of its stores open for as long as possible during the coronavirus pandemic, which has caused mass shutdowns for many companies and slow business for those that remain open.
In a press release, Valvoline says that all its North American stores remain open. The company says it also has financial assistance available for franchisees.
"In this time of unprecedented uncertainty related to the impact of the COVID-19 virus, our top priority remains the health and safety of our employees, customers and business partners," said CEO Sam Mitchell in the release.
The release said that shop employees have "minimal contact" with customers during regular service, for which customers stay in their cars. The Centers for Disease Control guidelines recommend a six-foot buffer as a good distance to reduce the spread of the virus.
The future is still unclear. Valvoline's press release says that it could potentially manage "down-side scenarios" with measures including "the temporary closure of many or all of its quick lubes (sic) stores and substantially lower volumes in its other segments."
In line with the sharp market downturn in recent weeks, Valvoline's stock price has fallen by 53 percent since the start of the month.