Jarir closes showroom in Al Ain, losses estimated at SAR 4.6 mln
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Jarir Marketing Co. announced today, Nov. 22, the closure of its showroom in Abu Dhabi-based Jimi Mall, according to a bourse filing.
The company attributed the closure to the showroom due to continued lower-than-expected performance and the performance unlikely to improve in the near future.
The relevant financial impact is not material, and the company’s losses from the closure will include the termination of the lease contract and the loss of the book value of some assets, in addition to other expenses.
The total losses are estimated at SAR 4.6 million, which were recorded in the financial statements for the third quarter of 2020.