Brief: Redan Says April Total Sales In Top Secret Stores Down 94% Y/Y Due To Coronavirus Epidemic

Redan SA W Likwidacji

06/05/2020 08:57

May 6 (Reuters) - Redan SA  RDNP.WA :
    * SAYS APRIL TOTAL SALES IN TOP SECRET STORES IS DOWN 94%
Y/Y DUE
TO THE CORONAVIRUS EPIDEMIC
    * SAYS WITHOUT REACHING AN AGREEMENT WITH THE LANDLORDS FOR
MORE
REALISTIC LEASE TERMS, GROUP'S UNITS WHICH ARE TENANTS WILL HAVE
TO CLOSE ACTIVITY, EVEN IF THIS MEANS PERMANENT CLOSING OF HALF
OF THEIR OWN STATIONARY STORES
    * SAYS LACK OF SALES AND OBLIGATION TO PAY STORES
MAINTENANCE
COSTS HAVE NEGATIVELY IMPACTED FINANCIAL CONDITION OF PART OF
THE FRANCHISEES AND ESTIMATES THAT ABOUT 10% OF TOTAL NETWORK
SPACE WILL BE CLOSED
    * IN APRIL AND MAY, the company DID NOT BUY OUT THE F SERIES
BONDS
ACCORDING TO THE SCHEDULE AND DID NOT PAY AN INTEREST OF 388,000
ZLOTYS FOR THE PERIOD FROM JANUARY 1 TO MARCH 31

    
    
 Source text for Eikon:  urn:newsml:reuters.com:*:nEM8vVJda
    
 Further company coverage:  RDNP.WA  
   


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