Tasty PLC - London-based restaurant owner - Completes planned reduction of workforce by over 30% following announcement in July it would make 284 members of staff redundant. Says it expects to have up to 48 sites trading in August - around 86% of the estate - with most of the remaining restaurants not planned to re-open for the foreseeable future. Notes that some of the restaurants which are currently open may need to close again should they not reach expected trading levels.
States sales levels in August positive but notes it expects future trading to remain challenging. Adds it is "extremely cautious" about trading in September and is exploring ways to further cut costs and strengthen its balance sheet including the possibility of new debt and/or equity capital. Discussions are also continuing with landlords and trade creditors to reduce current and future liabilities.
Current stock price: 2.10 pence
Year-to-date change: down 23%
By Ife Taiwo; ifetaiwo@alliancenews.com
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Tasty (TAST)