Giordano in ‘aggressive negotiations’ with landlords
Hong Kong-based apparel retailer Giordano International has voluntarily implemented a series of preventive and control measures with respect to the coronavirus outbreak, in particular in Mainland China.
The group issued a statement to the stock exchange saying that as the virus spreads and continues to impact markets, the group has attempted to control its costs via aggressive negotiations with landlords and seeking more favourable terms from suppliers.
Top-level executives have taken significant voluntary reductions in salary to support the firm’s operations during this time.
The group is also moving to rapidly enhance its e-commerce capabilities to capture the opportunities stemming from the growing reliance on online shopping.
Giordano said it will also be keeping close track of its employees’ health, introducing enhanced flexible working hours and arrangements for shop, warehouse and office staff, and perform regular disinfection and hygiene controls on its premises.
According to the statement, Giordano’s cash reserves remain stable, with no material change in its financial position in terms of cash and bank balances since June last year.