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Greeting card and gift retailer Card Factory pulled its dividend and said it had seen 'significant' growth in online activity and sales in the wake of Covid-19 pandemic.
In a effort to save cash, Card Factory said it had decided not to pay a final dividend for its fiscal year 2020.
New store openings had been reduced to seven in 2021 and the company said it had furloughed over 90% of its staff.
The Cardfactory.co.uk web site had delivered sales growth of 267.5% since the lock-down with Gettingpersonal.co.uk at 57.5%. In response to this increased demand, and to support social distancing, we have established a second fulfilment unit in Wakefield, the company said.
The company also said it had received confirmation from the Bank of England that it was eligible to access additional funding under the Covid Corporate Financing Facility.