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Jerusalem Life

| Castro moves production out of China

Janglo News    
Tuesday, 11 February 11:12 AM
In its first announcement about its exposure to the coronavirus crisis in China, Israeli fashion retail group Castro Model Ltd. (TASE: CAST) announced today that it fears disruption to its supply chain and is shifting production to alternative suppliers. Castro said that the Chinese authorities had extended the local holiday season in China, which was scheduled to end yesterday, by a week. The company has also been told by a number of Chinese suppliers "who manufacture some of the group's products" that at the current time, "they are not resuming regular activity" due to "the lack of clarity in China about the spread of the coronavirus and the measures taken to reduce the exposure to it."

"Although the company does not expect its operations to be immediately affected, a prolonged shutdown of manufacturing activity in China or a failure to resume regular work and full production is liable to affect the company's activity in the medium and long term," Castro says.

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