ScS reopens 80 English branches
By Sean Farrell
Date: Tuesday 26 May 2020
(Sharecast News) - ScS has reopened 80 of its stores in England but its branches in Wales and Scotland have stayed closed in line with government guidance.
The sofa and carpet retailer closed its branches and distribution operations after the government announced its Covid-19 lockdown on 23 March. It reopened the English stores on Saturday along with the distribution network, allowing deliveries to customers to restart.
ScS's 19 branches and distribution operations in Wales and Scotland remain closed because those countries are sticking to stricter limits than in England, where the lockdown is easing more quickly. The company said it was monitoring the situation and would reopen the stores as soon as possible.
The company, which has 100 stores, said it opened the English branches "after carefully considering recently updated government guidelines and implementing enhanced health and safety policies and procedures".
ScS said it had £48.3m in cash on 25 May after drawing down £12m from its revolving credit facility in March. The company said it had continued to cut costs to strengthen its balance sheet.
"Whilst it is too early to provide clarity on the outlook for the weeks and months ahead, the group is pleased to have reached this key milestone," ScS Chief Executive David Knight said. "ScS is a resilient business, with a strong balance sheet, coupled with a flexible cost base, and is well positioned to navigate this event and return to growth when the economy recovers."
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