Hurricane Helene resulted in temporary closure of 47 locations in Florida, Georgia, and the Carolinas; Hurricane Milton shutdown 52 in Florida
Winnipeg, Manitoba—Boyd Group Services Inc. announced that recent hurricane activity had called for certain Gerber Collision & Glass locations in the affected areas to be temporarily closed, with some closures having been made in accordance with mandatory evacuation orders, and some on a discretionary basis to allow employees to prepare accordingly.
During the last week of September, Hurricane Helene resulted in the temporary closure of 47 locations in the states of Florida, Georgia, North Carolina and South Carolina, followed by the temporary closure of 52 locations in the state of Florida as a result of Hurricane Milton.
Impacts include flooding of locations and vehicles in the process of being repaired, the ability of locations to receive and process work, damage to locations, loss of power, and loss of access roads at certain locations, as well as damage to many vehicles resulting in total losses as a result of hurricane activity.
The location closings will result in loss of sales in the period preceding, during and immediately following the periods of closure. The overall magnitude of sales and earnings loss will not be determinable until the activity subsides, the locations reopen, and all of the variables associated with this event, including the availability of insurance can be fully assessed. An estimate of the full impact of these closures should be available for disclosure when the Boyd Group’s third quarter earnings report is released on Nov. 5.
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