May 6, 2020 / 8:01 AM / 25 days ago

BRIEF-Redan Says April Total Sales In Top Secret Stores Down 94% Y/Y Due To Coronavirus Epidemic

May 6 (Reuters) - Redan SA:

* SAYS APRIL TOTAL SALES IN TOP SECRET STORES IS DOWN 94% Y/Y DUE TO THE CORONAVIRUS EPIDEMIC

* SAYS WITHOUT REACHING AN AGREEMENT WITH THE LANDLORDS FOR MORE REALISTIC LEASE TERMS, GROUP’S UNITS WHICH ARE TENANTS WILL HAVE TO CLOSE ACTIVITY, EVEN IF THIS MEANS PERMANENT CLOSING OF HALF OF THEIR OWN STATIONARY STORES

* SAYS LACK OF SALES AND OBLIGATION TO PAY STORES MAINTENANCE COSTS HAVE NEGATIVELY IMPACTED FINANCIAL CONDITION OF PART OF THE FRANCHISEES AND ESTIMATES THAT ABOUT 10% OF TOTAL NETWORK SPACE WILL BE CLOSED

* IN APRIL AND MAY, the company DID NOT BUY OUT THE F SERIES BONDS ACCORDING TO THE SCHEDULE AND DID NOT PAY AN INTEREST OF 388,000 ZLOTYS FOR THE PERIOD FROM JANUARY 1 TO MARCH 31

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Further company coverage: (Gdansk Newsroom)

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