Brief: Chuy's Says Q1 2020 Preliminary Comparable Restaurant Sales Are Expected To Fall 9.7%

Chuy's Holdings

21/04/2020 13:50

April 21 (Reuters) - Chuy's Holdings Inc  CHUY.O :
    * CHUY'S HOLDINGS -  PRELIMINARY COMPARABLE RESTAURANT SALES
FOR
Q1 OF 2020 ARE EXPECTED TO DECREASE BY 9.7%
    * CHUY'S HOLDINGS INC - AS OF APRIL 17, 2020, COMPANY
ESTIMATES A
CASH BURN RATE OF APPROXIMATELY $500,000 PER WEEK
    * CHUY'S - TEMPORARILY SUSPENDED PAYMENT OF RENT ON
OPERATING
LEASES,CURRENTLY NEGOTIATING RENT CONCESSIONS, ABATEMENTS AND
DEFERRALS WITH LANDLORDS
    * CHUY'S - AS OF END OF Q1 OF 2020, FURLOUGHED APPROXIMATELY
80%
OF HOURLY EMPLOYEES AND APPROXIMATELY 40% OF STORE MANAGEMENT
PERSONNEL
    * CHUY'S HOLDINGS INC - EXPECTS APPROXIMATELY $3.0 MILLION
IN TAX
REFUNDS DUE TO CARES ACT
    * CHUY'S HOLDINGS INC - CURRENTLY IN FAVORABLE NEGOTIATIONS
WITH
ITS LENDER TO EXTEND ITS REVOLVING CREDIT FACILITY THROUGH END
OF 2021
    * CHUY'S HOLDINGS INC -  CURRENTLY IN FAVORABLE NEGOTIATIONS
WITH
ITS LENDER TO TEMPORARILY EASE COVENANT REQUIREMENTS
    * CHUY'S - ENACTING TEMPORARY SALARY REDUCTIONS FOR
REMAINING
MANAGERS

Source text for Eikon:  ID:nGNX7yYx5m 
Further company coverage:  CHUY.O 

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