Wolford, a renowned luxury hosiery and bodywear brand, has encountered a series of setbacks in recent years. However, a ray of hope has emerged as the company announced its newfound financial stability amidst the current coronavirus crisis. The sale of its Bregenz headquarters for a substantial €72 million has enabled Wolford to clear all outstanding debts and loans, positioning them in a debt-free status.
Andrew Thorndike, a member of the Executive Board, expressed confidence in Wolford’s financial standing, emphasizing that the company now possesses the necessary resources to weather the ongoing challenges and continue advancing its business goals. Given the severe impact of the pandemic on sales and earnings, this development is a significant milestone for Wolford.
Anticipation surrounds the forthcoming release of Wolford’s full-year financial results for the period ending on April 30, providing a clearer picture of the implications of the challenging market landscape. With a history of diminishing sales, the upcoming report is expected to reflect the brand’s most trying period yet.
The pandemic’s toll on Wolford’s performance has been evident in the first half of the year, with projections indicating further declines in the second half. Despite these adversities, the news of Wolford’s newfound financial stability offers a glimmer of hope as the company sets its sights on navigating through the uncertainties that lie ahead.
For more information on Wolford’s recent financial developments, visit the official website here. Additionally, to stay updated on the latest news and updates from Wolford, check out their press releases here.
