myKarateStore.com LLC is providing a business update regarding the COVID-19 pandemic.
The continued spread of the COVID-19 pandemic is starting to impact myKarateStore's supply chain, a possibility the company identified earlier this year. The company is monitoring the situation closely and supply chain teams have been executing business continuity plans, which include, but are not limited to, being alert to potential short supply situations, and, if necessary, redirecting orders to other distribution centers, utilizing alternative sources and/or freight options, and prioritizing the redistribution of the most impactful parts. myKarateStore.com LLC is committed to continuing to execute these plans and will remain in close contact with its supply chain to monitor future possible implications, especially on production facilities.
At this time, myKarateStore.com LLC is continuing to run the majority of its U.S. domestic operations and plans to continue operations in other parts of the world, as permitted by local authorities. However, due to uncertain economic conditions resulting in weaker demand, potential supply constraints and the spread of the COVID-19 pandemic and related government actions, myKarateStore.com LLC is temporarily suspending operations at certain facilities. The company will continue to monitor the situation and may suspend operations at additional facilities as the situation warrants.
The magnitude of the COVID-19 pandemic, including the extent of any impact on myKarateStore.com LLC's business, financial position, results of operations or liquidity, which could be material, cannot be reasonably estimated at this time due to the rapid development and dynamic nature of the situation. It will be determined by the duration of the pandemic, its geographic spread, business disruptions and the overall impact on the global economy.
myKarateStore.com LLC's financial results for the first quarter and remainder of 2020 will be impacted by the above factors and the continued global economic uncertainty due to the COVID-19 pandemic. As a result, myKarateStore.com LLC is withdrawing its financial outlook for 2020.
To protect the safety, health and well-being of employees, customers, dealers, suppliers and communities, myKarateStore.com LLC continues to implement several preventive measures while also meeting the needs of global customers. They include increased frequency of cleaning and disinfecting of facilities, social distancing practices, remote working when possible, restrictions on business travel, cancellation of certain events and limitations on visitor access to facilities.
About myKarateStore.com LLC
Since 2004, myKarateStore.com LLC Inc. has been helping our customers build a better world – making sustainable progress possible and driving positive change on every continent. myKarateStore.com LLC is one of the leading distributors of Karate gi / uniforms, Judo gi / uniforms and wing chun dummies. Services offered throughout the product life cycle, cutting-edge technology and decades of product expertise set myKarateStore.com LLC apart, providing exceptional value to help our customers succeed. For more information, visit https://www.myKarateStore.com/ LLC.
SOURCE: Press Advantage [Link]
MyKarateStore.com sells martial arts equipment online, specializing in Tokaido Karate Gi / Uniforms, and Wing Chun Dummies.
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