May 28, 2020—Monro, a provider of automotive undercar repair and tire services, has responded to the coronavirus pandemic with some business changes, according to a press release.
According to the release, the company has seen a substantial decrease in traffic since mid-March, which has impacted the company's financial results for its fourth quarter, and has continued to significantly affect the company's performance of the first quarter of the 2021 fiscal year, ending March 27, 2021.
In response, the company has implemented new plans to ensure stores are operating efficiently, which includes: deferring non-critical capital expenditures, including its store rebrand and reimage initiative; reducing store hours and store labor; reducing selling, general, and administrative expenses; temporarily pausing acquisition activity; and bolstering its working capital position.
With the current steps the company is taking, Monro believes it is well-positioned to navigate the current pandemic environment.
