Swiss Watch Trade Fair Expects to Lose More Than $100 Million
- Loss to exceed 100 million francs on writedowns, MCH says
- Co. names new interim CEO, studies streamlining organization
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The organizer of the Baselworld watch trade show said it will probably record a bigger-than-expected loss this year as the exit of the event’s largest exhibitor forces a strategy revamp.
MCH Group AG will need to make adjustments for the value of exhibition halls in Basel, Switzerland, which will lead to an annual loss in the “three-digit millions,” the company said in a statement Tuesday. The shares declined 2.3 percent in early Zurich trading, bringing the decline this year to 42 percent.