On May 28, 2020, the buyer of the company property in Bregenz, the neighboring Blum Group, transferred the agreed purchase price of approximately EUR 72 million to the Wolford AG. At the same time Wolford repaid all credit lines to its financing banks. Simultaneously, the company repaid the shareholder loan including interests granted by Wolford’s main shareholder Fosun Fashion Investment Holdings (HK) Limited. “This means that our company is now debt-free and also has sufficient funds available to overcome the current crisis and drive forward the further development of the company as planned,” states Wolford Executive Board member Andrew Thorndike.

Regarding the consequences of the corona crisis, the Executive Board and management of the Wolford AG expect noticeably negative consequences for the development of sales and earnings of the Wolford Group. As already communicated on March 11, 2020, this will have a corresponding impact on the figures for the completed fiscal year (May 1, 2019 – April 30, 2020), which will be presented on July 23, 2020, as well as on the operating profit (EBIT) for the current fiscal year. However, the successful sale of the property will be reflected in the financial statements of Wolford AG for the 2020/21 fiscal year as non-recurring income in the form of a book profit of approximately EUR 49 million.