March 19, 2020 / 7:22 AM / 14 days ago

BRIEF-Ibersol Says It's Likely All Its Activity May Be Closed In Very Short Term

March 19 - Ibersol SGPS SA:

* SAID ON WEDNESDAY COMPANY BEGAN PROCESS OF “EXPEDIENTE DE RELACION TEMPORAL DE EMPLEO” (ERTE), SIMILAR TO LAY-OFF, COVERING ALL ITS WORKERS, FOLLOWING THE DECLARATION OF “STATE OF ALARM” IN SPAIN

* SOME RESIDUAL UNITS LOCATED AT AIRPORTS ARE EXCLUDED BY EXPRESS DETERMINATION OF AENA AND THE SPANISH MINISTRY OF TRANSPORT TO PROVIDE MINIMUM SERVICES

* IN PORTUGAL THERE WAS A SUBSTANTIAL DROP IN SALES IN THE LAST FEW DAYS AND ONLY A FEW UNITS WERE CLOSED BY DETERMINATION OF THE RELEVANT AUTHORITIES

* A SIGNIFICANT NUMBER OF UNITS COULD BE FORCED TO CLOSE DEPENDING ON GOVERNMENT’S DECISIONS, KEEPING THOSE THAT PROVIDE SERVICES OF PUBLIC INTEREST OPEN

* SAYS IT IS LIKELY ALL ACTIVITY MAY BE CLOSED IN THE VERY SHORT TERM

Source text: bit.ly/2vBIP1I

Further company coverage: (Gdansk Newsroom)

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