The rapid spread of the coronavirus COVID-19 and the extraordinary public measures taken around the world to slow down the spread of the virus have caused an exceptional situation for people, communities and businesses.
The
At the moment, a total of 3,441 of the group's 5,062 stores are closed, which together with subdued demand in the markets that are still open, has had significant negative impact on sales so far in March.
The company is therefore reviewing all parts of its operations, including all costs. Several measures are being taken in respect of buying, investments, rents and staffing, among other areas. The situation is being reviewed market by market based on local conditions. Dialogue about temporary layoffs has been initiated in a number of markets and will be followed by further temporary layoffs in other markets that are impacted by the corona situation. Globally, this is likely to affect tens of thousands of employees in all parts of the business, although it is not currently possible to specify the exact number. The company is also reviewing the potential need to terminate employment due to the negative impact of the corona situation on the business.
Dialogue between companies and governments is important, particularly in a situation like this, and the
The company will provide information about expected financial effects on the current quarter in the three-month report which is to be published on 3 April.
"Since we on the board of directors presented our original dividend proposal, the market situation has changed drastically. In the light of the current situation and the uncertainty about market developments, the board has today decided to withdraw its earlier dividend proposal of
"We are doing everything in our power in the
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