UK’s Card Factory gets new waivers from lenders

Feb 26 (Reuters) – British card factory (CARDC.L) said on Friday it had obtained further waivers from its lenders to address expected covenant breaches through the end of March and was committed to a plan to refinance the company.

The greeting card retailer, which last month was granted waivers until the end of February, said it plans to reopen most of its stores in April.

Card Factory’s Combined Credit Score, which measures a company’s likelihood of defaulting next year on a scale of 100 (very unlikely) to 1 (very likely), was ‘1’ on Friday, the data showed. by Refinitiv Eikon.

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Non-essential retailers across the UK have been battered by repeated COVID-19 restrictions and forced to close stores under the latest lockdown, as Britain struggles to contain surging coronavirus cases and a new variant of the virus.

British Prime Minister Boris Johnson presented a phased plan to end England’s COVID-19 lockdown on Monday, offering a ‘cautious’ approach to try to prevent a return to the wholesale restrictions that have dogged the economy .

Card Factory, which has more than 1,000 stores in the UK and Ireland, has seen an increase in online sales during the pandemic but warned of an annual loss last month. Read more

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Reporting by Tanishaa Nadkar in Bengaluru; Editing by Shounak Dasgupta

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