March 23, 2020 / 1:15 PM / 2 months ago

BRIEF-Works Co UK Closes All Of Its Stores, Scraps Final Dividend

March 23 (Reuters) - Works co uk PLC:

* THEWORKS.CO.UK PLC - COVID-19 UPDATE

* WORKS CO UK PLC - ALL NON-ESSENTIAL CAPITAL INVESTMENT HAS BEEN TEMPORARILY SUSPENDED

* WORKS CO UK PLC - LAST WEEK, DESPITE DECLINING HIGH STREET FOOTFALL, GROUP EXPERIENCED A SIGNIFICANT UPLIFT IN SALES, BOTH IN STORES AND ONLINE

* WORKS CO UK PLC - DISCUSSIONS WITH LANDLORDS WILL BE HELD REGARDING MEASURES TO REDUCE NET CASH OUTFLOW ON STORE RENTS WHILST STORES ARE CLOSED

* WORKS CO UK PLC - . ALL DISCRETIONARY OPERATIONAL EXPENDITURE WILL BE MANAGED TO MINIMUM SPEND LEVELS

* WORKS CO UK -TRADING IN 9 WEEKS SINCE GROUP’S LAST UPDATE ON THURSDAY JAN 16 2020 TO SUNDAY 15 MARCH 2020 BEEN STRONG, WITH LFL SALES GROWTH OF +2.9%

* WORKS CO UK PLC - BOARD DO NOT CURRENTLY EXPECT TO DECLARE A FINAL ORDINARY DIVIDEND FOR YEAR ENDING 26 APRIL 2020

* WORKS CO UK PLC - BOARD DOES NOT BELIEVE IT APPROPRIATE TO PROVIDE GUIDANCE FOR FINANCIAL YEARS ENDING APRIL 2020 OR APRIL 2021 AT THIS TIME

* WORKS CO UK PLC - TEMPORARY DEFERRAL OF HMRC PAYMENTS WILL CONTRIBUTE POSITIVELY TO SHORT-TERM CASH FLOW

* WORKS CO UK PLC - TAKEN DECISION TO CLOSE ALL OF ITS STORES AS OF TONIGHT

* WORKS CO UK PLC - GROUP WILL ANNOUNCE A TRADING UPDATE FOR YEAR ENDING 26 APRIL 2020 ON 7 MAY 2020

* WORKS CO UK PLC - REDUCTION IN BUSINESS RATES IS EXPECTED TO PROVIDE A MONTHLY CASH SAVING OF C£1.2M Source text for Eikon: Further company coverage:

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