Aryzta, the owner of the Cuisine de France brand, has issued a profit warning due to the impact the coronavirus is having on its business. Aryzta said the coronavirus will have a “material impact” on the company’s financial performance in 2020.

However, the bakery giant said it was not able to reasonably gauge the consequences for its business at this point in time, as neither the duration nor the depth of the coronavirus crisis can be fully assessed.

Aryzta is likely facing a massive blow to its business performance this year, after COVID-19 forced the mass shutdown of Europe’s foodservice industry. A similar shutdown of the foodservice industry in the US is also likely.

Sales to foodservice customers like McDonald’s, Subway and other restaurants account for almost 40% of Aryzta’s sales in Europe, with about 60% coming from retail channels. In the US, foodservice is even more important for Aryzta, accounting for 68% of sales in that market. The company says it has the capacity on its balance sheet to maintain liquidity through the crisis.