Luxury fashion conglomerate Tapestry (NYSE: TPR), enacting a set of temporary measures to cope with the economic fallout of the SARS-CoV-2 coronavirus, is suspending its quarterly dividend and halting its share repurchase program. Management pointed out that the former move does not affect the forthcoming payout, which is slated to be distributed to shareholders on Monday. But future distributions will certainly be missed by dividend stock investors, as the stock's yield was nearly 9%. Before it halted its stock buybacks, Tapestry had expended $300 million on them in its fiscal first quarter. It now has $600 million remaining under its current share repurchase authorization. Image source: Getty Images In the press release announcing these moves, the luxury goods specialist said it "has a long history of successfully navigating economic cycles and global crises." It added that it was enacting these defensive financial measures "to preserve cash and pre-emptively ensure that the company maintains ample liquidity." Tapestry is also leaning on borrowed money; it is drawing down $700 million from a $900 million credit facility. On the expenses side, it said it is actively looking for ways it can slice non-essential operating costs. It's also trimming capital expenditures and looking for ways to more efficiently manage inventory. As for retail operations, Tapestry has extended its ongoing store closures for another week. It is now targeting April 10 as the date on which it hopes to reopen them, but says it will reassess the situation every two weeks. Employees of its stores will continue to receive wages and benefits. The company also said it will provide financial support to coronavirus-related nonprofits, and donate 15,000 face masks to hospitals in the U.S. and in Europe. On Thursday, the high-profile consumer goods stock rose by almost 2%, lagging the broader stock market's more than 6% advance. 10 stocks we like better than TapestryWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Tapestry wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of March 18, 2020 Eric Volkman has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Tapestry. The Motley Fool has a disclosure policy.Source