Core-Mark to cut staff, reduce hours and suspend share buybacks to combat impact of COVID-19 [MarketWatch]
Core-Mark Holding Company, Inc. (CORE)
Last core-mark holding company, inc. earnings: 3/2 06:00 am
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Source: MarketWatch
Core-Mark Holding Co. Inc. said Tuesday it is taking a series of measures to combat the effects of COVID-19, after the marketer of fresh, food and other products to the convenience retail industry saw sales slide in recent weeks. After enjoying a sales bump in the first few weeks of March, Westlake, Texas-based Core-Mark said sales fell 12% in the week ended April 10, as cigarette sales fell 7% and non-cigarette sales fell 20%. The company expects that trend to continue until stay-at-home orders are lifted and is cutting staff, reducing hours and suspending contributions to its 401-k program. The company is also suspending share buybacks, although it has no plans to modify its dividend. It is withdrawing its 2020 guidance and deferring non-critical spending to perserve liquidity, reducing inventory levels to align with sales volumes and managing accounts receivable. The company said it believes it has sufficient liquidity to get through the crisis and that it still has $400 million in
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