Affected By The Epidemic, Giordano Suspends Several City Stores

In February 10th, the Giordano International Ltd announced that it would suspend operations in some cities until February 13, 2020, in order to actively cooperate with the epidemic prevention and control.

Since the outbreak of the new coronavirus pneumonia, a number of provinces and cities in mainland China have launched the highest level of public health emergencies at the highest level, and adopted various stringent measures to curb the spread of the epidemic. In response, Giordano said its company had recently received notice from the local government departments of the Chinese mainland and the Management Office of department stores and shopping centers.

To ensure public health and safety, Giordano has suspended 28 stores in Hubei and 111 Giordano stores located in other provinces and cities of China (excluding Hongkong and Macao Special Administrative Region) until February 13, 2020.

At present, Giordano has about 880 stores in mainland China, of which 260 are operated directly by Giordano. At the same time, the number of Giordano stores outside China is about 1470.

The group pointed out that during the lunar new year, the sales volume of the mainland, Hongkong and Macao special administrative regions decreased by about 57% and 61% respectively compared with the same period last year. Compared with group cash and bank balances in June 30, 2019, there has been no significant change.

For the nine months ended September 30, 2019, the latest information on unaudited business has contributed to sales in mainland China by about 20.4%.