September 8, 2017
Boyd Group Income Fund Notes Impact of Hurricane Irma - Announces Temporary Closure of Florida and Coastal Georgia Collision Repair Centers
Winnipeg, Manitoba – September 8, 2017 – Boyd Group Income Fund (TSX: BYD.UN) (“the Fund” or “the Boyd Group”) announced today that 55 of its 58 Gerber Collision & Glass (“Gerber”) locations in the state of Florida and three coastal Georgia locations have been closed to allow employees to prepare for the impact of Hurricane Irma.
“This decision was made to allow our employees and customers to focus on ensuring they and their families are safe,” said Brock Bulbuck, CEO of the Fund. “Once the hurricane has passed 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.”
Of the Boyd Group’s 480 locations, 58 are currently being impacted by closures. In addition to the closures in Florida and Georgia thus far, it is also possible that additional closures may be necessary in other parts of Georgia, and even possibly in coastal North Carolina.
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 Fund’s third quarter earnings report is released on November 8.
“Our thoughts are with those affected by this devastating event,” added Mr. Bulbuck. “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 Income Fund
The Boyd Group Income Fund is an unincorporated, open-ended mutual fund trust created for the purposes of acquiring and holding certain investments, including a majority interest in The Boyd Group Inc. and its subsidiaries. The Boyd Group Income Fund units trade on the Toronto Stock Exchange (TSX) under the symbol BYD.UN. For more information on The Boyd Group Inc. or Boyd Group Income Fund, please visit our website at http://www.boydgroup.com.
About The Boyd Group Inc.
The Boyd Group Inc. (the “Company”), directly and through subsidiaries, 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 five Canadian provinces under the trade names Boyd Autobody & Glass (http://www.boydautobody.com) and Assured Automotive (http://www.assuredauto.ca), as well as in 20 U.S. states under the trade name Gerber Collision & Glass (http://www.gerbercollision.com). The Company uses newly acquired brand names during a transition period until acquired locations have been rebranded. The Company is also a major retail auto glass operator in the U.S. with locations across 31 U.S. states 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. GNCS has approximately 5,500 affiliated glass provider locations and 4,600 affiliated emergency roadside services providers throughout the U.S. For more information on The Boyd Group Inc. or Boyd Group Income Fund, please visit our website at (http://www.boydgroup.com).
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