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.
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--