Performance Food Group Company Adds More Retail Partners
RICHMOND, VA - It wasn’t long ago that Performance Food Group (PFG) announced its newest partnerships in light of the novel coronavirus pandemic. Just last month, the company formed several alliances and is now further developing its strategy to keep pace with unprecedented challenges in the industry.
“During the COVID-19 pandemic, we have made important decisions to protect the organization,” said George Holm, Chairman, President, and CEO. “Many of these moves are opening new lines of business and providing important resources to the communities and customers we serve…We are confident that we have taken the appropriate steps and look forward to a time when we can resume a more normal operating environment.”
In addition to the new plan of action, PFG announced in its March 30, 2020, press release that the company is drawing $400 million from the $3.0 billion credit facility, which was put to cash on the company's balance sheet. PFG also suspended its share repurchase program to protect its long-term financial position.
The latest actions PFG has made to support its customers and communities and manage its cost base include:
- Adding agreements with 13 additional new retail partners, bringing the total new retail partners to-date to 23. PFG is now sharing over 1,100 associates to help keep grocery shelves stocked with food
- Distributing groceries to approximately 1,000 grocery locations as PFG builds out its distribution capabilities to this channel
- Supporting customers and communities by partnering with Fahrenheit Advisors to produce a webinar series that offers operator insights in the areas of liquidity, employee management, and business strategy, all through the lens of recently passed legislation
- Providing online resources and links to assist and guide customers with resources to secure small business loans and access to free safety training courses
- Supporting the restaurant industry through the website showmetheeats.com, a publicly available resource showing restaurant locations that are open for business
- Continuing and expanding partnerships with local food banks to meet the growing food insecurity across the country
To read more about PFG's latest action and efforts, click here.
We at AndNowUKnow are working diligently to keep you up to date on the latest news, so please stick with us.
