In a report to shareholders, Richelieu CEO Richard Lord said, “However, this good first quarter precedes the COVID-19 crisis which has been affecting us since the end of March. In light of these unprecedented events, we reacted swiftly, continuing to provide our customers with the distinctive services they have come to expect, to meet their needs for essential products and services, and to anticipate their expectations, particularly in these highly challenging market conditions. We intend to continue pursuing the proven business strategies that have enabled us to build a large and diversified client base and to effectively support our customers in their development and projects. In order to ensure that all essential activities are conducted safely and effectively in the context of this COVID-19 situation, we will continue to comply with all applicable health and safety guidelines issued by our governments. All appropriate measures will be maintained to ensure the safety of our employees, suppliers, customers, families and visitors. As of today, and although most of our distribution centers remain operational, Richelieu has nonetheless taken a series of flexible measures to protect its financial position in response to the COVID-19 crisis and mitigate its impacts on its employees, including temporary layoffs, teleworking and reductions in Board and management remuneration, salaries and/or hours, as applicable and as appropriate, region by region. We have entered this crisis from a position of strength, with a leading market position and a solid financial position. We believe taking decisive yet flexible actions will help to protect our employees, operations and cash flows over the short-term and gives us the necessary agility to resume our long-term growth as soon as current confinement measures will be lifted.”
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