French Connection Group PLC (LON:FCCN) said it is planning store re-openings following the government’s recent announcement on a potential re-start from 1 June.
The fashion retailer does not expect normal trading levels to resume “for some time” and said it needs to secure additional funding or else its cash resources will deplete “in the coming months”.
The firm is in talks with “a number of potential funding partners” and is confident in raising enough funds to carry on through market disruption.
All physical stores and concessions continue to be closed, with online sales up 44% in the past six weeks.
French Connection remains in discussion with suppliers to confirm payment terms and reduce orders for the current year, landlords to agree rent holidays and HMRC to defer tax.
Staff have been furloughed but the firm admitted it was “very challenging” to access further government support due to tight qualification constraints.
Shares tanked 24% to 4.4p on Tuesday at the opening bell.
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