As '
We continue to experience significant increases in
We previously announced that our Mark's/L'Équipeur, SportChek, Party City, Pro Hockey Life,
- Implementing a plan to reduce operating costs at our head office and corporate stores, and to reduce working capital across the enterprise
- Deferring some of our 2020 planned capital expenditures, in all categories of projects
- Pausing the repurchase of shares
- Leveraging our well-established and solid relationships with Canadian banks and our high standing in capital markets to secure additional sources of liquidity should they be required. This is in addition to the existing funding channels available to CTC and its related entities, which are:
$1.975B committed bank lines for general corporate purposes at CTC$2B Note Purchase Facility, and$250M revolver atCanadian Tire Bank $300M committed bank lines at CT REIT- 350M Norwegian Krone ("NOK") secured revolving committed credit facility for Helly Hansen
"We have long-established ourselves as a resilient organization and we are well-positioned to manage through these unprecedented times. Our multi-category assortment, healthy balance sheet, Triangle Rewards program, credit card value proposition, access to multiple sources of liquidity for all our businesses, and ultimately, the essential role we play in communities across
FORWARD-LOOKING INFORMATION
Certain statements made in this press release may constitute forward-looking information under applicable securities laws, including statements concerning store operations and closures, our measures to reduce the spread of the virus, the effect of the pandemic on the demand for products and consumer purchasing behaviours, financial support for employees, the planned reduction of operating costs and working capital requirements, deferring capital expenditures, pausing the repurchase of shares, access to existing funding channels and securing additional sources of liquidity. Although CTC believes that the forward-looking information in this press release is based on information, assumptions and beliefs which are current, reasonable and complete, this information is necessarily subject to a number of factors, risks and uncertainties that could cause actual results to differ materially from management's expectations and plans as set forth in such forward-looking information.
Risks and uncertainties related to the effects of COVID-19 include the length and severity of the pandemic and its effects on consumer demand and purchasing behaviours, supply chains, our ability to operate stores, and credit and capital markets, including access to capital. For more information on other risks, uncertainties and assumptions that could cause CTC's actual results to differ from current expectations, refer to section 2.8 (Risk Factors) of our Annual Information Form for fiscal 2019 and to section 10 (Key Risks and Risk Management) and all subsections thereunder of our Management's Discussion and Analysis for the year ended
CTC does not undertake to update any forward-looking information, whether written or oral, that may be made from time to time by it or on its behalf, to reflect new information, future events or otherwise, except as is required by applicable securities laws.
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Media: Jane Shaw, (416) 480-8581, jane.shaw@cantire.com
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