THE RETAIL BULLETIN - The home of retail news
Home Page
News Categories
Christmas Ads
Commentary
Department Stores
Electricals & Technology
Entertainment
Fashion
Food & Drink
General Merchandise
Grocery
Health & Beauty
Home & DIY
Interviews
Property
Retail News
Retail Solutions
Shopping Centres, High Streets & Retail Parks
Sports & Leisure
Retail Events
THE Retail Conference 2022
Retail Women In Leadership 2022
Digital Transformation Strategy 2022 Part 2
Omni Channel Futures 2023
Upcoming Retail Events
Past Retail Events
Retail Insights
Retail Solutions
Advertise
About
Contact
Subscribe for free
Terms and Policies
Privacy Policy
Card Factory issues liquidity update

Greeting cards retailer Card Factory has issued an update on its liquidity following its statement earlier this month regarding a potential breaching of its banking covenants… View Article

GENERAL MERCHANDISE

Card Factory issues liquidity update

Greeting cards retailer Card Factory has issued an update on its liquidity following its statement earlier this month regarding a potential breaching of its banking covenants at the end of January. 

At the time, Card Factory said its short term cash requirement would be covered within its existing £200 million bank facility but that it expected its current covenants to be breached at the end of the month, although it was continuing to have constructive discussions with its banking syndicat.

In a statement today, the retailer said its banking syndicate has provided waivers in respect of anticipated covenant breaches through to 28 February after taking account of its cash flow projections.  It added: “We remain in constructive discussions with our banks, and have agreed a process to continue to explore a range of potential solutions, with scope for further extensions to the waivers as this process continues.”

On 14 January, Card Factory warned that it could report a pre-tax loss of around £10 million in its full year results due to extended periods of store closures during the Covid-19 crisis.

Email this article to a friend

You need to be logged in to use this feature.

Please log in here

Subscribe For Retail News

THE NEXT EVENT

See all upcoming events

LATEST VIDEO

UKG LifeWork ALL: Register your place now to hear more. RETAIL HR 21 Sept LONDON
UKG LifeWork ALL: Register your place now to hear more. RETAIL HR 21 Sept LONDON

Watch video >