Tentative corporate reorganization plan – reduce in retail sales while e-commerce increases
Currently in corporate reorganization, RNB Retail and Brands AB’s subsidiaries Department & Stores Europe AB, Polarn O. Pyret AB and Brothers AB (“the Companies”) have all been severely impacted by the ongoing COVID-19 pandemic. As a result, retail sales halved during the months of March and April, while e-commerce increased. During the initial phase of the corporate reorganization, the Companies focused on reducing costs and streamlining their business. The Companies have since been working on a number of initiatives together with landlords and creditors, as constructive dialogue