After Giant Closes, Hero Supermarket (IDX: HERO) Will Focus on IKEA, Guardian, and HERO After Giant Closes, Hero Supermarket (HERO) Will Focus on IKEA, Guardian, and HERO

Photo: Hero Supermarket

Responding to the clarification requests from the authority, PT Hero Supermarket Tbk. (IDX: HERO) states that all of the Giant stores in Indonesia have been closed since 31 July 2021. However, the Company plans to replace some of those stores with its other business lines (HERO Supermarket and IKEA). Some of the closed stores will also be taken over by third parties.

The Company has paid the compensation for the Giant ex-employees with the amount above that stipulated by the law. Besides having an opportunity to work with other companies, they have also been offered to join the Company's other business lines.

After Giant closes, the Company will be more focused on its remaining business segments, namely IKEA, Guardian, and HERO Supermarket. In the health and beauty sector, the Company will continue to increase the number of Guardian stores until the end of 2022. In addition, the existing Guardian stores will be updated and expanded both geographically and electronically (using e-commerce) to better served their customers.

The management believes those strategies will take the Company to a better competitive position. For information, HERO recorded a net loss of IDR551 billion during the first half of 2021, larger than the same period on the previous year that reported a net loss of IDR202 billion.            

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