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services or for dissemination in the
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– Announced Temporary Closure of Florida and South Carolina Collision Repair
Centers –
WINNIPEG, MB, Sept. 30,
2022 /CNW/ - Boyd Group Services Inc. (TSX: BYD)
("the Boyd Group", "Boyd" or "the Company") announced that
approximately 50 of its Gerber Collision & Glass ("Gerber")
locations in the states of Florida
and South Carolina have been
closed to allow employees to focus on the impact of Hurricane
Ian.
"The decision to close these locations was made to allow our
employees and customers to focus on ensuring that they and their
families are safe," said Timothy
O'Day, President & Chief Executive Officer of the Boyd
Group. "We will support our local teams in evaluating the damage
and resuming operations as soon as practicable. Our priority,
however, will continue to be the well-being of our employees."
In addition to the closures in Florida and South
Carolina thus far, it is also possible that additional
closures may be necessary. The Glass America business is also
expected to be impacted by Hurricane Ian.
The location closings will result in loss of sales during the
period of closure, however the overall magnitude of sales and
earnings loss will not be determinable until the storm passes, the
locations reopen and all of the variables associated with this
event, including the availability of insurance can be fully
assessed. An estimate of the full impact of these closures should
be available for disclosure when the Boyd Group's third quarter
earnings report is released on November
9.
"Our thoughts are with those affected by this devastating
event," added Mr. O'Day. "We will continue to monitor the direct
impact of the storm on our locations and provide support as needed
for our employees and customers."
About Boyd Group Services Inc.
Boyd Group Services Inc. is a Canadian corporation and controls
The Boyd Group Inc. and its subsidiaries. Boyd Group Services Inc.
shares trade on the Toronto Stock Exchange (TSX) under the symbol
BYD.TO. For more information on The Boyd Group Inc. or Boyd Group
Services Inc., please visit our website at
https://www.boydgroup.com.
About The Boyd Group Inc.
The Boyd Group Inc. (the "Company") is one of the largest
operators of non-franchised collision repair centres in
North America in terms of number
of locations and sales. The Company operates locations in
Canada under the trade names Boyd
Autobody & Glass (https://www.boydautobody.com) and Assured
Automotive (https://www.assuredauto.ca) as well as in the U.S.
under the trade name Gerber Collision & Glass
(https://www.gerbercollision.com). In addition, the Company is a
major retail auto glass operator in the U.S. with operations under
the trade names Gerber Collision & Glass, Glass America, Auto
Glass Service, Auto Glass Authority and Autoglassonly.com. The
Company also operates a third party administrator, Gerber National
Claims Services ("GNCS"), that offers glass, emergency roadside and
first notice of loss services. For more information on The Boyd
Group Inc. or Boyd Group Services Inc., please visit our website at
(https://www.boydgroup.com).
Caution concerning forward-looking statements
Statements made in this press release, other than those
concerning historical financial information, may be forward-looking
and therefore subject to various risks and uncertainties. Some
forward-looking statements may be identified by words like "may",
"will", "anticipate", "estimate", "expect", "intend", or "continue"
or the negative thereof or similar variations. Readers are
cautioned not to place undue reliance on such statements, as actual
results may differ materially from those expressed or implied in
such statements. Factors that could cause results to vary include,
but are not limited to: employee relations and staffing; margin
pressure and sales mix changes; supply chain risk; pandemic risk
& economic downturn; acquisition risk; operational performance;
brand management and reputation; market environment change;
reliance on technology; changes in client relationships; decline in
number of insurance claims; environmental, health and safety risk;
climate change and weather conditions; competition; access to
capital; dependence on key personnel; tax position risk; corporate
governance; increased government regulation and tax risk;
fluctuations in operating results and seasonality; risk of
litigation; execution on new strategies; insurance risk; interest
rates; U.S. health care costs and workers compensation claims;
foreign currency risk; low capture rates; capital expenditures; and
energy costs and BGSI's success in anticipating and managing the
foregoing risks.
We caution that the foregoing list of factors is not
exhaustive and that when reviewing our forward-looking statements,
investors and others should refer to the "Risk Factors" section of
BGSI's Annual Information Form, the "Risks and Uncertainties" and
other sections of our Management's Discussion and Analysis of
Operating Results and Financial Position and our other periodic
filings with Canadian securities regulatory authorities. All
forward-looking statements presented herein should be considered in
conjunction with such filings.
SOURCE Boyd Group Services Inc.