SURRY HILLS, New South Wales – The administrators of jewellery firm Michael Hill have released an official statement today.
They informed their stakeholders about the company’s stance amid the coronavirus or COVID-19 pandemic.
The management of the jewellery firm told their investors that they would suspend the operations of their store network for an indefinite period.
They said that their proclamation considers their interests in the safety and well-being of their consumers and staff, and has an immediate impact.
Moreover, the administrators of Michael Hill confirmed today that they are also suspending the operations of their shops in New Zealand.
These stores will similarly undergo indefinite suspension that takes effect immediately.
Meanwhile, Australian entertainment and news portal News.com.au reported that the management of the iconic jewellery chain had already shut down their branch in Canada temporarily.
This store closure took place earlier this month. The sole measure of the jewellery company to close its 300 stores worldwide is a consequence of the intensifying coronavirus crisis.
The officials of the Australian Securities Exchange-listed business affirmed that they are taking the drastic steps after witnessing that the COVID-19 outbreak had decimated their sales.
Furthermore, they pointed out in their official filing that the present ‘social distancing’ mandates in Australia do not agree with the day-to-day performance of their enterprise.
Michael Hill’s management cited that the drop-off in trade, which they encountered in Australia, also indicated a consumer base that is concentrating on more urgent matters.
Nonetheless, the management of the firm relayed that they are carrying on with their e-commerce venture.
Plus, they said that they are taking various immediate steps to guarantee that they would reduce their expenditures, and to complement their anticipated revenue better.
Concerning the company’s staff, the management of the jewellery chain had dismissed their team members temporarily.
These workers from all markets where the firm’s branches shut down reportedly have access to leave entitlements.
Besides, the company’s management confirmed that they are evaluating government support programs.
Emma Hill remarked that the board and management group of the jewellery company are mindful of the exceptional scenarios affecting the retail markets in Australia and New Zealand today.
Thus, as Michael Hill’s chairperson, she said that they had decided to act fast. Also, Hill relayed that her firm is in fervent support of their clients and workers.
The jewellery company’s official mentioned that they, as the company’s administrators, understand that today is a period of uncertainty for their stakeholders.
Hence, she relayed that they at the company are performing their best to give their consumers and employees their much-needed support in these difficult times.
She affirmed that the temporary shutdown of their shop networks is essential for the well-being and protection of their people.
Michael Hill’s administrators also said that they are reviewing their corporate support centre.
They pointed out that they are targeting to diminish expenses.
Plus, to back their enterprise in the upcoming months, the company officials said that they want to make sure that they possess the correct blend of roles.
In 1979, New Zealander businessman, jeweller, and humanitarian Sir Richard Michael Hill founded the jewellery company in his home country together with his wife, Christine.
Then, in 1987, the New Zealand Stock Exchange included the jewellery business in its listings.
Also, the company’s founder successfully raised sufficient capital, allowing him to expand in his homeland.
Hill entered the Australian market later that year, opening four stores initially in Brisbane.
The famous jewellery chain expanded further across the two nations in Oceania and Canada and now has over 300 branches.
Last year, Michael Hill celebrated its fourth decade in the jewellery industry.