NZ's Warehouse Group hits over 1-1/2-month high on restructuring plans

Warehouse

08/06/2020 01:37

** Consumer goods retailer's shares  WHS.NZ  gain as much as
4.2% to NZ$2.240, their highest since April 21
    ** WHS says it started a consultation process at its
Northcote head office to shift to an agile operating model
 urn:newsml:reuters.com:*:nNZWbP3HqQ
    ** Co adds COVID-19 has accelerated plans to realign some of
its store operations closer to the "needs of customers"
    ** Co is looking at six store closures in the coming months,
in addition to three already confirmed, while it will open a
Noel Leeming Northlink store in Christchurch
    ** Co warns that proposals would see about 700-950 roles or
410 fewer full time equivalent store roles, in addition to a
reduction of around 100-130 roles at the head office
    ** Shares mark biggest intraday percentage gain since May 5
    ** More than 80,000 shares change hands, vs the 30-day
average volume of ~54,500 shares
    ** As of last close, stock down 23.5% this year

 (Reporting by A K Pranav in Bengaluru)
 ((Pranav.AK@thomsonreuters.com;))