Truworths has announced that it has been able to reopen 30 of the 57 South African stores directly damaged during the July civil unrest. The Group expects to reopen a further 18 stores within the month of August, bringing the total to 48 stores by the end of the month.
Three more stores are scheduled to reopen around the middle of September while the reopening dates of the remaining six stores is unknown due to the severe fire damage to the shopping centers in which they are located. All other stores that were closed as a precautionary measure have resumed trading.
Truworths is in the process of quantifying the full cost of the unrest and the total loss to the damaged stores and the existing stock. Additionally, the loss of profits as a consequence of the abrupt disruptions to normal trade.
The Group is working closely with it’s insurers to submit and finalise all claims as speedily as possible and believe that it has adequate insurance cover to mitigate much of these losses.
Truworths was trading around 3.71% higher at R62.93 per share during the afternoon trade.