April 23, 2020 / 12:33 AM / a month ago

BRIEF-Thorn Group Announces Permanent Closure Of 62 Radio Rentals Stores And Selected Warehouses

April 23 (Reuters) - Thorn Group Ltd:

* ANNOUNCES PERMANENT CLOSURE OF 62 RADIO RENTALS STORES AND SELECTED WAREHOUSES

* CLOSURES WILL RESULT IN REDUNDANCIES OF ABOUT 300 CASUAL AND FULL TIME STAFF

* CLOSURES AND REDUNDANCIES WILL BE UNDERTAKEN OVER NEXT THREE MONTHS

* WILL EXPAND ONLINE PRESENCE & UNDERTAKE RUN-DOWN OF RADIO RENTALS’ LOAN BOOK

* COVID-19 CAUSING INCREASED ARREARS IN BOTH RADIO RENTALS & THORN BUSINESS FINANCE AND WILL RESULT IN CORRESPONDING WRITE-OFFS

* THORN WILL UNDERTAKE RUN-DOWN OF RADIO RENTALS’ LOAN BOOK, WORTH ABOUT $123 MILLION AS AT 31 MARCH 2020 Source text for Eikon: Further company coverage:

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