Retailer WH Smith has taken out a £120 million loan to get through the pandemic crisis.
The chain stated it had seen a “substantial downturn in economic activity” as a result of the virus.
It has closed the majority of its stores including in Norfolk; Gentleman’s Walk, Norwich, Diss and Thetford. Its St Stephen’s Street branch in Norwich remains open, offering “essential” services such as post office facilities. In Suffolk, North Street, Sudbury and Woodbridge are closed. But Ipswich, Market Hill, Sudbury and Bury St Edmunds remain open.
Customers are asked to check store openings before travelling.
The company said the loan was conditional on it raising new equity. It said: “These financing arrangements, coupled with a broad range of mitigating actions to manage the cost base and cash-flow, will provide sufficient liquidity to deal with this most challenging of trading environments.”
For more updates on coronavirus see the Facebook page here
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules here