Fawaz Abdulaziz Alhokair Co. temporarily closed its retail outlets in Saudi Arabia and other affected countries to protect public health, the company said in a bourse filing on Monday.
The company clarified that presently it cannot determine the full financial impact due to the absence of a confirmed duration for the closure, also affirming that it will disclose any further developments in due course.
The move came in response to the Saudi Arabian Government directives to safeguard its citizens and residents, and to contain the spread of coronavirus in the Kingdom.
The company stated that the health and safety of its customers and employees is of paramount importance at this time.
However, food and beverage (F&B) outlets will remain physically operational to provide takeout, pick-up and delivery service, as well as a number of fashion retail brands will remain available online with no effect on sales operations.
“At this moment, the safety of our employees, customers, and the local communities is our priority as we support all measures which prioritize the public health,” Marwan Moukarzel, CEO of AlHokair Fashion Retail, said.
The chief executive remained optimistic about the Saudi market and the businesses’ strong financial position post recent refinancing. “We are confident the temporary closure will not have a permanent impact on our operations,” Moukarzel added.
He committed full support to the efforts by the Government of Saudi Arabia to control the spread of the coronavirus.
“Our stores will remain closed until such time as the government deems it prudent for retailers to recommence operations,” Moukarzel said.
AlHokair Fashion Retail operates 1,267 stores across Saudi Arabia.
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