ScS has said it is “well positioned” to survive the ongoing coronavirus crisis after it reopened 80 stores and its distribution network for deliveries in England.
In an update to the City this morning, the furniture and flooring retailer said that as of May 23 it had reopened 80 of its stores in England and had also begun making deliveries to customers in the country too, having closed both its store and online arms on March 23.
In line with separate, devolved governmental guidance, ScS said its 19 stores and distribution networks in Wales and Scotland remained closed.
The retailer said that since its stores and distribution network were closed, it drew £12m from its revolving credit facility on March 17.
As of May 25, the group said it holds £48.3m in cash and has “continued to review and reduce cash expenditure to protect our liquidity short term”.
ScS said that while it is “too early” to provide clarity on the outlook for the next few weeks and months, the retailer “is pleased to have reached this key milestone” of reopening stores.
Moss Bros bid salvaged
In other City update news this morning, the takeover panel looking to mediate between menswear retailer Moss Bros and unwilling suitor Brigadier found that the former could not abandon its £22m bid for the latter.
Brigadier Acquisition, an investment vehicle set up by the owner of Crew Clothing, had attempted to use the ongoing uncertainty for fashion retail bought on by coronavirus to scrap the deal.
On May 19, the takeover panel ruled that Brigadier could not revoke the offer it had made for Moss Bros. The investment arm sought to appeal the decision a few days later, but has dropped this request and the deal will now be completed.
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