FILE PHOTO: The logo of consumer electronics company Bang & Olufsen is seen at a shop in Vienna, Austria, July 7, 2016. REUTERS/Heinz-Peter Bader
COPENHAGEN (Reuters) – TV and stereo maker Bang & Olufsen (B&O) said on Tuesday it planned to raise 400 million crowns ($58 million) via a rights issue, equivalent to half its market value, to survive the coronavirus crisis that has knocked its already weak shares.
Shares in B&O, which have fallen about 66% in the past year, were down more than 9% on Tuesday at their lowest since 1994.
The Danish company, known for its exclusive TVs and speakers that sell for up to $80,000, is joining other companies seeking emergency funds and rearranging debts as the coronavirus pandemic eats into corporate cash.
“Bang & Olufsen is in a serious situation, where we need to raise new capital to help us get through the global COVID-19 crisis,” Chairman Ole Andersen said in a statement.
B&O was struggling with declining sales before the coronavirus…
Source Reuters Tech News
Source link
