METRO RETAIL Stores Group, Inc. (MRSGI) has temporarily closed one of its department stores in Cebu following a fire that lasted for more than 24 hours last week.
The listed company told the stock exchange on Monday that it has temporarily closed Metro Ayala Department Store and Supermarket in Cebu Business Park, after the building caught fire during the evening of Jan. 5. The Bureau of Fire Protection declared the fire under control early Sunday, Jan. 7.
No casualties or serious injuries were reported because of the incident.
MRSGI said it has yet to assess the department store and supermarket’s damage and impact on its financials because of the incident, but noted it expects to recover losses in the future. MRSGI has also started the recovery and rebuilding process from internally generated funds.
On the other hand, the company said this will not affect the operations of its existing malls.
“The incident will not hamper operations of MRSGI’s other 50 stores nationwide, as well as its existing relationships with suppliers and key stakeholders,” the company said.
Shares in MRSGI lost 12 centavos or 3.14% to P3.70 each at the stock exchange on Monday. — Arra B. Francia
