- Prachi Singh |
Tom Tailor SE has announced that it will publish the preliminary results for fiscal 2019 rather than the full financial statements as originally planned owing to the significant worsening of market conditions in almost all markets relevant to the Tom Tailor Group due to the corona crisis and the associated risks for the financing and liquidity situation of the group. Tom Tailor also expects significant decline in revenue and earnings for the first quarter of 2020.
The company said in a statement due to the level of insecurity about further developments on the sales markets, it executive board rates short-term and medium-term liquidity planning as significantly risky. These risks, the company added, include the risk of non-fulfilment of key lending indicators as well as the risk of liquidity bottlenecks.
The group has closed its own stores in most European markets due to the ongoing spread of the coronavirus and in compliance with the rules laid out by governments and regional authorities. The company said, business with large customers (wholesale) is also significantly impacted by the restrictions laid down by the different European states.
Picture:Tom Tailor newsroom