Brief: Rnb Retail and Brands: Tentative Corporate Reorganization Plan
29/04/2020 07:11
April 29 (Reuters) - Rnb Retail and Brands AB (publ) RNBS.ST :
* TENTATIVE CORPORATE REORGANIZATION PLAN - REDUCE IN RETAIL SALES WHILE E-COMMERCE
INCREASES
* CURRENTLY IN CORPORATE REORGANIZATION, RNB RETAIL AND BRANDS AB'S SUBSIDIARIES DEPARTMENT
&
STORES EUROPE AB, POLARN O. PYRET AB AND BROTHERS AB (" COMPANIES") HAVE ALL BEEN SEVERELY
IMPACTED BY ONGOING COVID-19 PANDEMIC
* AS A RESULT, RETAIL SALES HALVED DURING MONTHS OF MARCH AND APRIL, WHILE E-COMMERCE
INCREASED.
* TO MAKE UP FOR DECREASE IN RETAIL SALES, COMPANIES HAVE HAD TO CUT COSTS IN RETAIL.
* COMPANIES WILL BE WELL-POSITIONED TO ACHIEVE PROFITABILITY ONCE CORONAVIRUS PANDEMIC IS
OVER.
* DEPARTMENT & STORES' TURNOVER IS FORECASTED TO AMOUNT TO APPROXIMATELY 760 MILLION SEK
* BROTHERS HAS BEEN HEAVILY AFFECTED BY DECREASING SUIT SALES FOLLOWING CANCELLATION OF MANY
SPRING AND SUMMER EVENTS
Source text for Eikon: ID:nWkr9B2354
Further company coverage: RNBS.ST
(Gdansk Newsroom)
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