Jewellery giant Pandora is withdrawing its financial guidance for the year, stating it is “no longer meaningful” and closing stores throughout Europe and the US amid the impact of coronavirus.
To preserve a strong balance sheet during these unpredictable circumstances, Pandora decided not to buy back any further treasury shares under the authorisation given at the 2020 Annual General Meeting.
The company announced today it has temporarily closed all its owned-and-operated stores in Italy, Spain, France, Germany and the US, in line with Government guidelines.
The brand’s UK stores remain open currently and its online shop is still open worldwide.
In an official statement, Alexander Lacik Chief Executive of Pandora, said: “As the world is fighting the coronavirus, it continues to be our top priority to keep our employees and customers safe. To support the efforts to limit the spread of the virus, Pandora has temporarily closed many of our stores around the world.
“We have closed all owned & operated stores in the US, Italy, Germany, France and Spain, and in most other European markets, the store network is impacted to some degree. Most of our offices have closed, and office staff is working from home.”
Pandora has confirmed its committed to support employees, continuing normal scheduled base pay for at least 8 weeks from when staff are sent home. If the situation has not improved in 8 weeks, the company has confirmed it will review its practises again.
“Where available, we will seek support from relevant government relief programmes to help fund salary payment during closures.” added Lacik.
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