Thorn temporarily closes Radio Rentals stores

Radio Rentals parent company, Thorn Group, has announced that it will close all 62 Radio Rentals stores around the country from Friday 3 April until further notice.

The Radio Rentals online store will continue to operate throughout this period with back office customer service functions operating as normal.

In a statement to the ASX, Thorn CEO, Peter Lirantzis said, “Our primary focus is the health, safety and welfare of our customers, team members and the greater community and the decision to close the stores is a result of governments’ moves to limit the spread of COVID-19 across Australia. The company will continue to monitor the impact of COVID-19 on our business and will seek solutions that minimise the effects on our customers and the financial impact to the company.”

In early March, Thorn revised its financial guidance of a ‘small net profit after tax’ to a financial loss due to rising arrears in its business finance division, prompting higher write-offs and bad dept impairment. The extent of the loss was not disclosed at the time.

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