Sonic Automotive Indefinitely Suspends Operations At Eight EchoPark Locations And Additional Related Delivery/Buy Centers
Portfolio Pulse from Benzinga Newsdesk
Sonic Automotive (SAH) has suspended operations at eight EchoPark locations and related delivery/buy centers indefinitely. The company expects to record a one-time charge of $60-$80 million in Q2 2023, with $3-$5 million in cash.
June 22, 2023 | 8:26 pm
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Sonic Automotive suspends operations at eight EchoPark locations, expecting a one-time charge of $60-$80 million in Q2 2023.
The suspension of operations at eight EchoPark locations and related delivery/buy centers will likely have a negative short-term impact on Sonic Automotive's stock price. The one-time charge of $60-$80 million in Q2 2023 may also contribute to investor concerns.
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