16th Mar 2020 11:47
(Alliance News) - Time Out Group PLC on Monday confirmed it has closed its marketplaces the US and Portugal amid the Covid-19 outbreak, while one in Canada remains open.
Shares were 25% lower in morning trade in London at a price of 61.00 pence each.
Time Out Markets offer a multitude of restaurants and bars in one location. The ones closing are in Lisbon in Portugal and in Miami, New York, Boston, and Chicago in the US. Time Out also has a market in Montreal, Canada, but made no mention of that market in its announcement Monday. It also has openings in Dubai and London lined up.
The London-headquartered company said the four US markets and the one in Lisbon have been closed due to government advice.
"Given the uncertainty of the situation it is not currently possible to quantify the full trading impact of Covid-19, which will be highly dependent on the duration and severity of the virus and the response by governments and consumers," said Time Out.
"The company will review its funding and ability to manage its cost base to meet the challenges of the current trading environment and will update further on March 26 with the publication of its results for 2019."
Back in December, Time Out warned on a knock to 2019 earnings due to the delayed opening of the marketplaces in Chicago and Montreal. The firm still said, however, that it remained on track to hit profitability in 2020.
By George Collard; [email protected]
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