ITAB's response to consequences of COVID-19 outbreak

Published18 Mar 2020

ITAB is facing a crisis which must be addressed with humility and determination. Nothing is more important than the well-being of our staff, customers and partners, and we are focusing continuously on adapting our way of working to ensure a safe environment.

Our customers within Grocery and Pharmacy experience increased activity while most other customer segments experience a visible slowdown. It is difficult to predict the consequences of COVID-19 with any degree of certainty, but most of ITAB’s companies notice signals of decline in demand due to the current concern. We are monitoring the course of events closely, while following the recommendations and complying with the decisions by local authorities in order to continuously adapt our operations on the markets where we are active.

Taking the current circumstances into account, ITAB need to make immediate changes to its operations by implementing a personnel reduction. This will be carried out through permanent as well as temporary measures on our different markets.

ITAB’s actions mainly include:

  • Temporary lay-offs and/or reduction of approximately 200 staff members with the support of state subsidies.
  • Announcement of approximately 350 redundancies
  • Reductions of approximately 200 temporary workers
  • Review and control of all purchasing, inventory and receivables
  • Review, simplification and streamlining of our operations while maintaining our ability to deliver

We are working resolutely to be able to resume normal operations as soon as possible, and we are striving to implement these measures with the minimum of disruption for our staff, customers and partners. Our most important resource is our passionate and loyal staff, and we are impressed by how they have handled the situation surrounding the COVID-19 outbreak and all the uncertainty that has followed in its wake, for us and our customers, up to this point. It is our hope that the scope of this crisis will be as limited as possible.

 

 

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For additional information, please contact:
ITAB Shop Concept AB
CEO Andréas Elgaard
Telephone:  +46 36 31 73 00
Mobile:    +46 73 232 16 35
Box 9054, SE-550 09 JÖNKÖPING
Telephone: +46 36 31 73 00
www.itab.com, www.itabgroup.com

ITAB Shop Concept AB sells, develops, manufactures and installs complete shop fitting concepts for retail chain stores. The all-inclusive offer includes custom-made fitting concepts, checkouts, self-checkout systems and professional lighting systems and digital solutions for the physical store. Customers include the major players throughout most parts of Europe. ITAB is the market leader at checkout to retailers in Europe, and one of Europe’s largest suppliers of shop fitting concepts and lighting systems. The group has approximately 3,200 employees and had a turnover of SEK 6,064 million in 2019. ITAB’s B-share is listed on the Nasdaq Stockholm exchange.