VANCOUVER, British Columbia, Sept. 14, 2020 (GLOBE NEWSWIRE) — Diversified Royalty Corp. (TSX: DIV and DIV.DB) (the “Corporation” or “DIV”) is providing an update on the businesses of its royalty partners.
Mr. Lube Canada Limited Partnership’s (“Mr. Lube”) business has continued to stabilize since provinces started easing the restrictions put in place to fight the COVID-19 pandemic and Canadians began driving more. Mr. Lube has been proactive in enacting measures to support franchisee cash flow, including negotiating rent deferrals and concessions, suspending marketing contributions, arranging for improved payment terms with suppliers and promoting government sponsored initiatives. Further, all Mr. Lube locations have resumed normal operating hours, and Mr. Lube has advised DIV that marketing activities are ramping up. Mr. Lube generated same-store-sales-growth (“SSSG”) for the Mr. Lube stores in the royalty pool of 1.1% in July 2020 and -0.5% in August 2020, compared to SSSG of -12.5% for … Read More