Brief: Sonic Automotive Announces Plan To Indefinitely Suspend Operations At Eight Echopark Locations, Additional Related Delivery/Buy Centers

Sonic Automotive

22/06/2023 22:38

June 22 (Reuters) - Sonic Automotive Inc  SAH.N :
    * SONIC AUTOMOTIVE - ANNOUNCED A PLAN TO INDEFINITELY
SUSPEND
OPERATIONS AT EIGHT ECHOPARK LOCATIONS AND ADDITIONAL RELATED
DELIVERY/BUY CENTERS
    * SONIC AUTOMOTIVE- IN PLAN TO INDEFINITELY SUSPEND
OPERATIONS, 
EXPECTS TO RECORD IMPAIRMENT CHARGE RANGING FROM $60.0 MILLION
TO $80.0 MILLION IN Q2 OF 2023
    * SONIC AUTOMOTIVE- CHARGE WILL INCLUDE IMPAIRMENT OF FIXED
ASSETS
AND RIGHT OF USE LEASED ASSETS  AND OTHER ITEMS
    * SONIC AUTOMOTIVE-CO’S FUTURE CASH EXPENDITURES RELATED TO
PLAN
ARE EXPECTED TO BE BETWEEN $3.0 MILLION & $5.0 MILLION
PRINCIPALLY RELATED TO SEVERANCE COSTS

Further company coverage:  SAH.N 

 ((Reuters.Briefs@thomsonreuters.com;))