Brief: El Pollo Loco Holdings Says Temporarily Suspended All But Essential Capital Spending And Share Repurchase Activity

El Pollo Loco Holdings

08/04/2020 22:05

April 8 (Reuters) - El Pollo Loco Holdings Inc  LOCO.O :
    * EL POLLO LOCO HOLDINGS, INC. PROVIDES BUSINESS UPDATE IN
LIGHT
OF COVID-19 PANDEMIC
    * EL POLLO LOCO HOLDINGS - SYSTEM-WIDE COMPARABLE RESTAURANT
SALES
FOR Q1 ENDED MARCH 25 DECREASED 1.5%
    * EL POLLO LOCO HOLDINGS - THROUGH END OF FEBRUARY,
SYSTEM-WIDE &
COMPANY-OPERATED COMPARABLE RESTAURANT SALES INCREASED 3.7% &
4.2%
    * EL POLLO LOCO - FOR OUR FRANCHISEES, WE ARE DEFERRING 50%
OF
THEIR APRIL ROYALTIES AS WELL AS 100% OF THEIR 2020 REMODEL AND
NEW BUILD REQUIREMENTS
    * EL POLLO LOCO HOLDINGS INC - PROVIDING EXTENDED SICK LEAVE
BENEFITS TO EMPLOYEES IMPACTED BY COVID-19
    * EL POLLO LOCO HOLDINGS INC - HAVE GRANTED TWO WEEKS PAID
LEAVE
FOR EMPLOYEES WHO ARE 65 OR OLDER
    * EL POLLO LOCO HOLDINGS INC - HAS ENHANCED ITS EXISTING
CASH
POSITION BY FULLY DRAWING DOWN ITS $150 MILLION REVOLVING CREDIT
FACILITY
    * EL POLLO LOCO HOLDINGS INC - HAS TEMPORARILY SUSPENDED ALL
BUT
ESSENTIAL CAPITAL SPENDING AND SHARE REPURCHASE ACTIVITY
    * EL POLLO LOCO HOLDINGS INC - TO DATE, COMPANY HAS NOT
EXPERIENCED ANY SIGNIFICANT SUPPLY CHAIN ISSUES
    * EL POLLO LOCO HOLDINGS INC - IS WITHDRAWING ITS GUIDANCE
FOR
FISCAL 2020, ISSUED ON MARCH 5, 2020

Source text for Eikon:  ID:nGNXbwPS7 
Further company coverage:  LOCO.O 

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