// ScS says it is “well-positioned” to survive the Covid-19 pandemic thanks to store re-openings
// The furniture retailer re-opened 80 stores in England as of May 23
ScS has said its store re-openings and distribution network for deliveries have put it in a good position to survive the ongoing coronavirus pandemic.
The furniture retailer said on Tuesday that as of May 23, it had re-opened 80 of its stores in England.
It had also started deliveries to customers in the country after having closed both its stores and online division on March 23 as part of the UK lockdown.
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In line with separate, devolved governmental guidance, ScS said its 19 stores and distribution networks in Wales and Scotland have remained closed.
The retailer said that since its stores and distribution network were closed, it drew £12 million from its revolving credit facility on March 17.
As of May 25, ScS said it holds £48.3 million in cash and has “continued to review and reduce cash expenditure to protect liquidity in the short term”.
It added that while it is “too early” to provide clarity on the outlook for the next few weeks and months, the group “is pleased to have reached this key milestone” of reopening stores.
“ScS is a resilient business, with a strong balance sheet, coupled with a flexible cost base, and is well positioned to navigate this event and return to growth when the economy recovers,” ScS chief executive David Knight said.