Brief: Bauhaus International (Holdings) To Close 8 To 10 Loss-Making Retail Stores In Hong Kong Shortly

Bauhaus International (Holdings)

20/02/2020 10:19

Feb 20 (Reuters) - Bauhaus International (Holdings) Ltd
 0483.HK :
    * DECIDED TO CLOSE 8 TO 10 LOSS-MAKING RETAIL STORES IN HONG
KONG
SHORTLY
    * EXPECTED THAT A TOTAL OF ABOUT 100 EMPLOYEES WILL BE MADE
REDUNDANT
    * GROUP MAY BE REQUIRED TO COMPENSATE FOR LOSSES OR DAMAGES
TO
RESPECTIVE LANDLORDS SUBJECT TO VARIOUS CONDITIONS
    * TO CLOSE RETAIL STORES IN HONG KONG DUE TO DIFFICULT
OPERATING
ENVIRONMENT IN HONG KONG DUE TO CORONAVIRUS
    * EXPECTED TO RECORD ONE-OFF WRITE-OFF AND/OR IMPAIRMENT
LOSSES
AMOUNTING TO ABOUT HK$16 MILLION TO HK$50 MILLION
    * CLOSURE AND DOWNSIZING TO RESULT IN LOSS, BUT NOT EXPECTED
TO
HAVE SIGNIFICANT ADVERSE IMPACT ON OVERALL OPERATIONS
    * AS PER LEASE AGREEMENTS, GROUP MAY HAVE TO COMPENSATE TO
LANDLORDS FOR LOSSES/DAMAGES
    * GROUP HAS SUFFICIENT CASH ON HAND TO MEET CURRENT BUSINESS
NEEDS

Source text for Eikon:  urn:newsml:reuters.com:*:nHKS57RDxl
Further company coverage:  0483.HK 

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