Max's Group estimates P24 million in foregone sales due to COVID-19 lockdown

ABS-CBN News

Posted at Mar 31 2020 08:45 AM

MANILA -- Max’s Group Inc said Monday it estimated P24 million in foregone sales halfway into the Luzon lockdown to stop the COVID-19 pandemic, which prompted a temporary suspension of operations.

The operator of Max's Fried Chicken, Pancake House and Yellow Cab told the stock exchange that it suspended all operations from March 26, confirming a Philippine Daily Inquirer report.

"Our management team monitors the market on a daily basis to evaluate the soonest possible opportunity to resume business in a manner that is mindful and responsible both for our stakeholders, and for the health and safety of our employees," the company said.

"We are likewise optimizing and streamlining our plans to relaunch at our previous trajectory upon resumption of operations. This includes the development of new business models, new products, and marketing programs to reactivate patronage and profitability," it said.

Max's Group is helping frontline workers as part of its corporate social responsibility, according to the disclosure.

The lockdown of Luzon, home to half of the Philippines' 100 million people, is scheduled to end on April 12.