Aditya Birla Fashion and Retail Ltd to close retail stores till March 31, suspends factory operations

Wilton Vinck

NEW DELHI: Aditya Birla Manner and Retail Ltd (ABFRL) on Monday stated it will shut all its retail shops across India till March 31, in buy to assure protection of its personnel across all its institutions from the coronavirus pandemic.

The company has also stopped its manufacturing facility functions in Karnataka, Tamil Nadu and Odisha till March 31, 2020, in line with the regional tips, Aditya Birla Manner and Retail stated in a regulatory filing.

“In buy to safeguard the risks to the wellness of our retail store personnel & clients, as properly as in line with the advisories from regional, point out and central govt, the company has determined to shut all its retail shops until March 31, 2020,” it stated.

The company experienced by now moved to “do the job from property” coverage for all its business personnel.

“The business of the company has been drastically impacted more than the last couple of weeks and will carry on to be materially impacted because of to the present disaster. The uncertainty around the scenario can make it tough to determine the specific impression at this level of time,” the company stated.

The company additional observed that “it will carry on to assess the scenario and will contemplate resumption of its business functions at an proper time”.

ABFRL, with revenue of Rs eight,118 crore and with a retail space of seven.5 million sq ft (as on March 31, 2019), is India’s 1st billion-dollar pure-enjoy trend powerhouse. It has a network of two,714 brand name shops across 750 metropolitan areas in the nation.

Shares of Aditya Birla Manner and Retail Ltd were investing at Rs 176.35, on BSE in the afternoon trade, down 5.sixty two for every cent more than its former near.

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