Brief: Big 5 Sporting Goods Says About 25% Of Our Stores Remain Closed As Of April 23

Big 5 Sporting Goods

24/04/2020 23:49

April 24 (Reuters) - Big 5 Sporting Goods Corp  BGFV.O :
    * BIG 5 SPORTING GOODS CORP - ABOUT 25% OF OUR STORES REMAIN
CLOSED AS OF APRIL 23, 2020, IN RESPONSE TO STATE AND LOCAL
SHELTER ORDERS
    * BIG 5 SPORTING GOODS - HAVE IMPLEMENTED REDUCED STORE
HOURS FOR
OUR OPEN STORES AND WE HAVE LIMITED NUMBER OF CUSTOMERS IN OUR
STORES AT ANY ONE TIME
    * BIG 5 SPORTING GOODS CORP - SAME STORE SALES FOR Q1 ENDED
MARCH
29, 2020 DECLINED 10.8% FROM PRIOR YEAR
    * BIG 5 SPORTING GOODS CORP - DECREASE IN SALES CAUSED BY
COVID-19
OUTBREAK HAS ALSO IMPACTED OUR LIQUIDITY
    * BIG 5 SPORTING GOODS CORP - ON MARCH 27, 2020, WE
INCREASED
BORROWINGS UNDER OUR $140.0 MILLION REVOLVING CREDIT FACILITY TO
$124.3 MILLION
    * BIG 5 SPORTING GOODS - ON MARCH 30, 2020, WE EXERCISED
ACCORDION
FEATURE UNDER OUR CREDIT AGREEMENT, WHICH INCREASED CREDIT
FACILITY TO $165.0 MILLION
    * BIG 5 SPORTING - TAKEN MEASURES TO REDUCE EXPENSE ACROSS
ORGANIZATION, INCLUDING NEGOTIATING WITH LANDLORDS TO REDUCE OR
DEFER LEASE-RELATED PAYMENTS
    * BIG 5 SPORTING GOODS CORP -  TAKEN MEASURES TO REDUCE
EXPENSE
ACROSS ORGANIZATION, INCLUDING REDUCING MERCHANDISE INVENTORY
ORDERS
    * BIG 5 SPORTING GOODS -  TAKEN MEASURES TO REDUCE EXPENSE
ACROSS
ORGANIZATION, INCLUDING REDUCING A SIGNIFICANT AMOUNT OF
WORKFORCE THROUGHOUT CO
    * BIG 5 SPORTING GOODS CORP - AS OF APRIL 23, 2020, OUR
CURRENT
CASH POSITION, NET OF OUTSTANDING CHECKS, TOTALS APPROXIMATELY
$72.8 MILLION

Source text: [https://bit.ly/2yFrLZJ]
Further company coverage:  BGFV.O 

 (Reuters.Briefs@thomsonreuters.com)