Food distribution giant Sysco said it is now leveraging its supply chain expertise to provide services to the retail grocery sector, as part of its strategy to counter the fallout of the collapse of the US restaurant sector because of the Cornavirus.

"This net new business will help offset some of the declines in the food-away-from-home segment, and also positions the company well to capitalize on growth opportunities after the COVID-19 crisis subside," Sysco said in a statement.

The company said it has cash on hand of approximately $2 billion (€1.8 billion), including a recent $1.5 billion (€1.4 billion) withdrawal under its revolving credit facility. Sysco said it is working with its banking partners to explore opportunities to raise additional funds and further strengthen its liquidity.

The company is also withdrawing its FY18-FY20 three-year plan guidance due to the rapidly evolving impact of COVID-19 on the global economy.

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