May 12, 2020 / 7:08 AM / 15 days ago

BRIEF-Moss Bros Group Decided To Re-Open Group's E-Commerce Ops From May 13

May 12 (Reuters) - Moss Bros Group PLC:

* TRADING STATEMENT

* ANNOUNCES REOPENING OF ITS E-COMMERCE OPERATIONS

* NOW DECIDED TO RE-OPEN GROUP’S E-COMMERCE OPERATIONS FROM 13 MAY 2020, INITIALLY WITH A REDUCED WORK FORCE

* MAKING REDUNDANCIES WHERE NECESSARY AND UNAVOIDABLE

* PAUSING ALL NON-ESSENTIAL CAPEX

* ACTIVELY ENGAGING WITH SUPPLIERS REGARDING DISCOUNTS & EXTENDED PAYMENT TERMS & WITH ITS LANDLORDS ON RENT HOLIDAYS AND/OR DEFERRALS

* ACCESSED GOVERNMENT’S CORONAVIRUS JOB RETENTION SCHEME IN ORDER TO RETAIN EMPLOYEES

* GROUP HAS SUFFICIENT CASH RESOURCES TO CONTINUE TRADING THROUGH SECOND HALF OF FY21 AND BEYOND

* IMPLEMENTED SALARY REDUCTIONS FOR CONTINUING EMPLOYEES, LED BY BOARD, WHO HAVE REDUCED THEIR SALARIES AND FEES BY BETWEEN 60% TO 70%

* BOARD REMAINS IN DIALOGUE WITH TAKEOVER PANEL

* ACCESSING GOVERNMENT’S CORONAVIRUS JOB RETENTION SCHEME IN ORDER TO RETAIN EMPLOYEES, PENDING A RESUMPTION OF TRADING Source text for Eikon: Further company coverage:

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