Tiffany modifies debt agreement with LVMH as virus-hit sales sink 44%
09 June 2020 - 16:37
Bengaluru — US luxury jeweller Tiffany & Co, which is being bought by France's LVMH for $16bn, said on Tuesday it had amended some of its debt agreements to bolster its liquidity amid the coronavirus pandemic after its quarterly sales sank 44%.
Sources have told Reuters that LVMH CEO Bernard Arnault has been exploring ways to potentially put pressure on Tiffany to lower the agreed price of $135 per share, including by examining its compliance with its debt covenants...
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