Deutsche EuroShop AG / Key word(s): Forecast
Suspension of forecast for 2020 - current information on Deutsche EuroShop's business performance in view of the ongoing spread of the coronavirus and the entry into force of laws to mitigate the effects of the pandemic
Hamburg, 02.04.2020 - Since mid-March the majority of shops in the shopping centers of Deutsche EuroShop AG (DES) have been officially ordered to close to protect the population and contain the coronavirus pandemic. The further spread of the pandemic and the extension of official requirements have further aggravated the economic situation in general and for bricks and mortar retailing in particular. In the current situation, various governments in Europe have initiated or passed short-term legislation to alleviate the negative economic impact of the coronavirus pandemic.
In Germany, the main market for DES, the "Act to Mitigate the Consequences of the COVID 19 Pandemic in Civil, Insolvency and Criminal Procedure Law" passed on 27 March 2020 contains extensive legal and financial support measures for companies affected. These include temporary special protection against terminating tenants' contracts for non-payment of rent in the period from 1 April to 30 June 2020, where it can be credibly shown that this delay is due to the coronavirus pandemic. In Poland, a law enacted with effect from 1 April 2020 suspends the obligation to pay rent for the closure period. In Hungary, too, the government has announced a plan to provide immediate relief to tenants in terms of rent payments.
Impact on Deutsche EuroShop AG
Thanks to its low level of debt and its liquidity available, the company has solid financial room for manoeuvre in this exceptional situation. In addition, a €70 million agreement was signed as planned on 26 March 2020 to refinance the loans maturing in 2020.
|Company:||Deutsche EuroShop AG|
|Phone:||+49 (0)40 413 579-0|
|Fax:||+49 (0)40 413 579-29|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||1014549|
|End of Announcement||DGAP News Service|