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Reduce the costs of the Retail Food Association, sell assets, keep banks in the bank



An EBITDA of a year-over falls between $ 43 million and $ 48 million, down from 71.4 million in 2018.

Can not overwhelm & # 39; position

Reducing the final debts The shareholder fund reduced $ 18.5 million to allow the RFG market capitalization to be less than $ 50 million and the group left the bank with a net current liabilities of $ 182 million and $ 260 million.

RFG's executive chairman Peter George said the financial position is "sustainable" and the company must sell its sales assets, balance and reduce the annual cost of $ 20 million to avoid collapse.

"All this needs to be done, at the same time ensuring that other businesses are able to succeed in the future," he said.

RFG has organized talks to sell Donut King and pizza businesses and has decided to close wholesale baking operations.

Although George George said he was an immediate challenge, the board and management believed the RFG was "once a positive future wants" to be completed once the restructuring phase was completed.

"We are committed to helping our franchisors achieve better products and better support for their profitability and expect these benefits to start implementing in the first quarter of 2020".

Queensland courts last week RFG breaches the law against the British Law on the quality of 2012 products, both by Michel franchisees, Frederick and Karen Guirguis.


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