PT Matahari Department Store Tbk (LPPF) plans to close 13 outlets by 2021. The company currently has 147 outlets, consisting of 124 regular outlets and 23 outlets under supervision.
“About 13 outlets, until now it has not been closed. But the plan is to close in 2021,” said Corporate Secretary and Legal Director of Matahari Department Store, Miranti Hadisusilo, quoted on Sunday (2/5/2021).
The plan is in line with Matahari’s sluggish financial performance. During the first quarter of 2021, the company recorded a net loss of Rp 95 billion or greater than the previous year’s net loss of Rp 93 billion.
This net loss was obtained after management recorded gross sales of Rp 2.07 trillion in the first quarter of 2021, that figure was 23.6% lower than 2020 and 37.4% lower than 2019.
Meanwhile, Matahari recorded a net sales figure of Rp 1.16 trillion or 25.0% lower than 2020 and 39.7% below the 2019 realization.
Matahari’s Chief Financial Officer, Niraj Jain, said that the company’s business during the first quarter of 2021 was still affected by the strict PSBB which is valid until February 8, 2021, which then continues with the micro-scale PPKM until now it is implemented.
“We continue to operate in a challenging macro situation. We ensure tight control over operating expenses and capital expenditures,” he said.
He said the Company is currently monitoring 23 outlets, and closing 13 outlets. Niraj confirmed that the company will also open 1 new outlet in Balikpapan Ocean Square in April 2021.
“We continue to have the support of mall owners (Matahari) and suppliers. We have extended our bank loan facility worth IDR 1 trillion and ended the first quarter with a bank loan balance of IDR 480 billion. The company continues to take a conservative position in a situation of high uncertainty,” Niraj says.
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