Leading cosmetics retailer Nykaa has suspended all operations and temporarily shut down its retail stores, corporate offices and warehouses.
The company said in a statement on March 31 that the step has been taken in light of the novel coronavirus, or COVID-19, outbreak, following which a nationwide lockdown was announced by Prime Minister Narendra Modi on March 24.
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"Most state governments have issued directives to temporary shutdown establishments, retail stores, logistics, business operations, etc. We are adhering to every instruction of the government and the health department and will continue to do so," it added.
Nykaa also said it will not be able to make payments of outstanding invoices to all vendors and partners in time, citing a disruption in its cash flow due to the ongoing lockdown as reason for the same.
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"Like all other consumer-facing businesses, we now face a situation where our cash flow and income are impacted, but on the other hand, our expenses remain constant," it explained.Follow our full coverage here…