Gerry Weber International AG: Promissory note loan providers grant deferment until January 2019
November 13, 2018 at 10:35 am EST
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DGAP-Ad-hoc: Gerry Weber International AG / Key word(s): Financing/Forecast
Gerry Weber International AG: Promissory note loan providers grant deferment until January 2019
13-Nov-2018 / 16:29 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
Ad-hoc announcement pursuant to section 17 MAR
Promissory note loan providers of GERRY WEBER grant deferment of outstanding loan receivables until January 2019
(Halle/Westphalia, 13 November 2018) The outside creditors of GERRY WEBER International AG, with outstanding loan receivables due on 5 November 2018, have come to an agreement with the group over a deferment of outstanding loan receivables. The deferment agreements remain valid until the end of January 2019 and are yet another substantial partial step in the comprehensive restructuring measures of the company. In parallel, the financing banks keep their credit lines open for GERRY WEBER.
In face of the initiated transformation process as well as the first analysis of the developments in the fourth quarter of the just finished financial year 2017/18 (31 October), the Managing Board of GERRY WEBER International AG reviewed and adjusted the current earnings and profit forecast: The Managing Board now expects sales of up to 790 EUR million (previously: between 830 and 840 EUR million) and significant operational losses on earnings before interest and taxes (EBIT) (previously: between -10 and 0 EUR million). The EBIT deficit will be largely shaped by accruals for personnel related measures and store closures, as well as extraordinary depreciation and impairments.
13-Nov-2018 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de
Gerry Weber International AG is a Germany-based fashion and lifestyle company with focus on apparel for women. The Company owns the brands GERRY WEBER, TAIFUN and SAMOON. It operates through two segments: GERRY WEBER Core Retail and GERRY WEBER Core Wholesale. The GERRY WEBER Core Retail segment comprises retail of the brands GERRY WEBER, TAIFUN and SAMOON. The GERRY WEBER Core Wholesale segment includes wholesale activities of the brands GERRY WEBER, TAIFUN and SAMOON. The Company is active in Germany, the Netherlands, Belgium, France, Spain, the United Kingdom and Canada, among others.