After first-quarter sales plummeted 23%, the apparel maker said the company is negotiating sports marketing contracts to defer payment with some of its athletes.
"It's obviously not a desirable situation for companies and their athletes, but these are unprecedented times and call for unprecedented tactics," he added.
Dorfman said assuming Under Armour has strong relationships with its athletes and there's confidence that business will eventually turn around, he believes athletes would be willing to accept an extended payment option.
Under Armour said Monday it plans to cut $325 million in operating costs to help weather the crisis.
"All of our athletes have been phenomenal during this period with how they have helped their communities and how they have helped Under Armour," he said.