The company announced the devastating impact of the coronavirus crisis in a statement on Wednesday.

“We will remain in touch with all of those impacted to provide relevant and pertinent updates regarding this matter as we have them,” the historic publication stated. “We do not anticipate that any furloughs will exceed six months.”

“We are confident that the actions we are taking now will help ensure that ESSENCE is here to thrive for another 50+ years as an independent Black-owned media business.”