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Frasers warns of more than £100m writedown of assets on lockdown impact
StockMarketWire.com
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Frasers, formerly Sport Direct, warned of a non-cash writedown of more than £100 million on its asset values including freehold properties owing to the impact of the current lockdown and shift in consumer behaviour to online shopping.
'Any such impairment would be in addition to impairments included in the half year results announced on 10 December 2020 and is expected to be included, subject to audit, with the company's results for the financial year ending April 2021,' the company said.
The update comes after the government announced that non-essential stores could potential reopen in England on 12 April 2021.
At 8:06am: (LON:FRAS) Frasers Group PLC share price was 0p at 461.2p
Story provided by StockMarketWire.com
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