SSI Group, Inc. to Temporary Close Brick and Mortar Stores in Metro Manila
March 15, 2020 at 09:21 pm EDT
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SSI Group, Inc. announced that following the issuance of a resolution by the Metro Manila Development Authority on March 14, 2020, urging a temporary closure of Metro Manila shopping malls and in line with Local Government Unit directives regarding temporary mall closures announced on March 15, 2020, SSI's brick and mortar stores in Metro Manila will be temporarily closed, with most of the closures occurring on March 16, 2020. The temporary closure of the Group's stores will impact the Group's ability to generate revenues over the short term. This impact is mitigated by the Group's performance through 2019 and in January and February 2020. As such, the Group is in a strong financial position, with sufficient resources to support operations while the company's brick and mortar stores are unable to operate. The Group has further mitigated the impact of temporary closures by reducing inventory purchases, with initiatives put in place in late January, and with new capex projects put on hold at the beginning of February. The Group has also triggered its business continuity protocols, which include, among others, alternative working arrangements for employees, support for employees in need of healthcare advice, reductions of face to face meetings, and enhanced warehouse screening procedures, in order to ensure continuity of operations. The temporary closure of stores also aids the Group in business continuity protocols by minimizing the health risks faced by the company's customers and store level employees.
SSI Group, Inc. is a Philippines-based specialty retailer. The Companyâs retail network consists of 524 stores located within approximately 80 malls across the Philippines, including Metro Manila, Luzon, Visayas and Mindanao, with a total gross selling space of approximately 101,184 square meters. The Company's network of stores offers a range of categories and brands, from luxury and bridge apparel to casual wear and fast fashion, footwear, accessories and luggage, food, home and decor, and beauty and personal care. The Company represents approximately 85 brands, including Hermes, Cartier, and Salvatore Ferragamo for premium luxury apparel and accessories, Zara, Bershka, Stradivarius, Pull&Bear, and Old Navy for fast fashion and others. Its portfolio consists of international brands and retail formats. It owns one property, the Central Square building, which is located at Fort Bonifacio, Taguig, Metro Manila, with a total gross floor area of 33,813 square meters.