The past six weeks saw N Brown suffer a 48 per cent decline in clothing sales. It had fared better in home and gift categories, supported by the launch of Home Essentials which contributed to growth of 74 per cent.
Its financial services arm has offered customers in financial difficulty the opportunity to defer payments for three months.
The business has undertaken measures to conserve cash including an 80 per cent cut in marketing expenditure, reduced capital expenditure, the furloughing of 30 per cent of its staff with all recruitment and salary increases frozen. Voluntary pay cuts for April-June for its plc board, management board and senior leadership team are also in place. The business has, in addition, deferred certain of its tax and duty payments. New financing has also been secured including a loan facility under the Government’s Coronavirus Large Business Interruption Loan Scheme.
CEO Steve Johnson said: “Our colleagues and suppliers have shown fantastic dedication and demonstrated real agility amidst difficult conditions, and I am extremely grateful for their hard work.”
The business expects to release results for the year ended February 29th 2020 in June.
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