MONTREAL, March 16, 2020 /CNW Telbec/ - MTY Food Group Inc. ("MTY" or the "Company") (TSX: MTY), franchisor and operator of multiple concepts of restaurants worldwide, announces it has decided to postpone the collection of royalties for a four-week period starting Tuesday, March 17, 2020.
MTY's priority has been and continues to be the safety and well being of its employees, guests and partners. The company's focus has been on taking all the necessary precautions at its offices, including a work from home policy, and additional or modified practices across all of its locations, such as increased cleaning frequency and the suspension of certain practices like the use of reusable cups, in order to minimize risk.
"We are satisfied with the measures our brands have put in place and will continue to monitor and adapt going forward, as needed. While many guests are shifting their daily routines, we are cognisant of the overall impact the decreased traffic is having on our restaurants and that we will need to support our franchisees during this difficult period. The total amount of royalties that will be deferred during the four-week period is expected to be between $15 million and $18 million" said Eric Lefebvre, Chief Executive Officer of MTY. "We are hopeful that the governments, our landlords and other partners will do their part as well."
Certain information in this News Release may constitute "forward-looking" information that involves known and unknown risks, uncertainties, future expectations and other factors which may cause the actual results, performance or achievements of the Company or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. When used in this News Release, this information may include words such as "anticipate", "estimate", "may", "will", "expect", "believe", "plan" and other terminology. This information reflects current expectations regarding future events and operating performance and speaks only as of the date of this News Release. Except as required by law, we assume no obligation to update or revise forward-looking information to reflect new events or circumstances. Additional information is available in the Company's Management Discussion and Analysis, which can be found on SEDAR at www.sedar.com.
On Behalf of the Board of Directors of
MTY Food Group Inc.
Eric Lefebvre, CEO
SOURCE MTY Food Group Inc.
For further information: please contact Eric Lefebvre, CEO at 1-514-336-8885 or by email at [email protected], or visit our website: www.mtygroup.com or SEDAR's website at www.sedar.com under the Company's name