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Menswear specialist Moss Bros to restart online operations
12th May 2020 09:48
(Sharecast News) - Men's formalwear specialist Moss Bros will reopen its online operations from Wednesday.
The retailer, which closed all of its stores and e-commerce operations in March after the government imposed a coronavirus lockdown, said on Tuesday that it has implemented the necessary operational changes to allow its online business to reopen, albeit with a reduced work force.
In addition, Moss Bros is "developing plans" to reopen its stores in an "orderly manner" after the government announced the potential phased reopening of shops from 1 June.
The company said that since its trading update in March, it has implemented a number of actions to reduce costs and conserve cash, including accessing the government's Coronavirus Job Retention Scheme and significant salary reductions and redundancies "where necessary and unavoidable". The group has also paused all non-essential capex and said it is actively engaging with suppliers regarding discounts and extended payment terms, and with landlords about rent holidays and/or deferrals.
"Taking all the above into account, the board is now confident that the group has sufficient cash resources to continue trading through the second half of FY21 and beyond. The group remains debt free and retains cash in the bank."
Moss Bros said it remains in talks with the Takeover Panel after Brigadier Acquisition Company pulled out of a takeover deal they had agreed in March.
The retailer, which closed all of its stores and e-commerce operations in March after the government imposed a coronavirus lockdown, said on Tuesday that it has implemented the necessary operational changes to allow its online business to reopen, albeit with a reduced work force.
In addition, Moss Bros is "developing plans" to reopen its stores in an "orderly manner" after the government announced the potential phased reopening of shops from 1 June.
The company said that since its trading update in March, it has implemented a number of actions to reduce costs and conserve cash, including accessing the government's Coronavirus Job Retention Scheme and significant salary reductions and redundancies "where necessary and unavoidable". The group has also paused all non-essential capex and said it is actively engaging with suppliers regarding discounts and extended payment terms, and with landlords about rent holidays and/or deferrals.
"Taking all the above into account, the board is now confident that the group has sufficient cash resources to continue trading through the second half of FY21 and beyond. The group remains debt free and retains cash in the bank."
Moss Bros said it remains in talks with the Takeover Panel after Brigadier Acquisition Company pulled out of a takeover deal they had agreed in March.