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Mar 30, 2020

Freshii delays financial results, cuts head office staff to reduce costs

Restaurants Canada VP discusses COVID-19 industry 'carnage'

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TORONTO -- Freshii Inc. is delaying the filing of its latest financial results as it deals with the COVID-19 pandemic and its impact on its restaurants and franchise partners.

The company says it has also temporarily "streamlined its head office workforce" in a move to cut costs. It did not say how many people were affected.

Freshii says the COVID-19 pandemic is expected to have a material impact on its business, operations and financial performance for at least the first half of 2020, but that it cannot be quantified at this time.

Many Freshii locations have temporarily paused their service for dine-in guests, revised operating hours or paused operations.

The company says the number of locations offering modified services or that have closed their doors continues to change and it expects the number to fluctuate as the environment changes.

Earlier this month, Canadian securities regulators gave companies more time to make their regular filings due to COVID-19.