French Connection gives update on trading and new US funding
French Connection has said trading has been “encouraging” in England and Wales since stores reopened on 2 December.
The fashion retailer had previously reported that trading in the early part of the second half of the year was in line with expectations, but that its business had been impacted by the tightening of Covid-19 guidance in September.
In the statement today, French Connection said its ecommerce channels continue to trade positively despite the company’s adoption of a less promotional stance compared to last year.
French Connection has also announced that its US business has secured $6.5 million in additional funding through the Main Street Lending Programme to support its US based operations and employees. Provided through Flushing Bank, the loan is for a period of five years with repayments due to commence from the end of the third year.
Looking ahead, the retailer said: “There will continue to be considerable challenges, with both the ongoing impact of Covid-19 and the uncertainty relating to Brexit but we feel we are well positioned to capitalise on any opportunities that arise.”
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