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Card Factory shuts all shops

The firm announced earlier on Monday it was going to shutter some of its stores

Card Factory - Card Factory drops dividend but stays “confident” in long-term demand

Card Factory PLC (LON:CARD) has announced on Monday late morning it is closing all shops, following an earlier announcement where it said it would "selectively" shutter some of its venues.

The greeting cards company said early on Monday it dropped its final dividend for the year ended 31 January though it remains “confident” in long-term demand for greeting cards.

Following the worsening of the outbreak in the UK the retailer has seen a “very material drop” in footfall, though all stores were open as of Sunday.

READ: Card Factory upgraded to ‘buy’ by Liberum over strategic review hopes

Cost-saving measures include reducing non-essential capital expenditure, delay of store openings and monitoring of distribution and packaging.

Reduction of business rates would allow it to save £2mln each month.

Net debt at the end of February was £137mln, while the firm has access to a £200mln revolving credit facility.

Shares dropped 5% to 32p on Monday morning.

--Adds update on store closures--

Quick facts: Card Factory

Price: 30.5 GBX

LSE:CARD
Market: LSE
Market Cap: £104.17 m
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