Uni-Select drops to near 20-year low after closing 33% of its sites

Uni-Select

01/04/2020 17:05

** Automotive parts and paint co's  UNS.TO  shares fall as
much as 10% to a near two-decade low of C$4.60; stock last down
8%
    ** Says it has furloughed 50% of its employees and closed a
third of its sites temporarily due to coronavirus outbreak 
 urn:newsml:reuters.com:*:nCNWWVj2Ka
    ** Adds the pandemic could impact its ability to pay
dividends and comply with financial covenants under its credit
agreement
    ** Says its board has taken 25% pay cut, and work hours have
been reduced by 20% for all employees who remain at work
    ** Expect UNS's financial position to deteriorate in the
coming quarters and would prefer to remain on the sidelines
despite the stock's attractive valuation - Desjardins analyst
Benoit Poirier
    ** Poirier adds that UNS is in a fragile position entering
this crisis  
    ** Including Wednesday's losses, stock down ~58% YTD 

 (Reporting by Shanti S Nair in Bengaluru)
 ((ShantiS.Nair@thomsonreuters.com))