L Brands Inc. LB, +3.73% said Friday it was halting its dividend, cutting expenses and its capital expenditures plan, furloughing employees and cutting executive pay to shore up its balance sheet amid the coronavirus pandemic. Dividend payments are suspended starting with the payment in the second quarter of fiscal 2020, said L Brands, the parent company of Bath & Body Works. "The company remains committed to paying dividends over the long-term and will re-evaluate when appropriate," L Brands said. Executive pay will be cut by 20%, and employees not working to support online sales and those who cannot work from home are furloughed effective April 5. "All furloughed associates will continue to receive existing healthcare benefits. As circumstances change, L Brands will make every effort to bring these associates back to work as soon as possible," L Brands said, without specifying the number of employees. The company also extended store closures and said its salespeople will continue to receive pay and benefits through April 4, one week longer than originally announced. L Brands said it has more than $2 billion in cash, and the cash balance plus Friday's measures will "sufficient current liquidity." Shares of L Brands have lost 51% in the past 12 months, which compares with a drop around 8% for the S&P 500 index SPX, +1.05% .