After a phased restart of the online business, the company is said to be fully operational, with the exception of some two-man delivery products, which should begin next week once a safe and workable delivery solution is finalised. Although stores remain closed, customer service staff are working from home, responding to customer emails and calls.
In financial terms, the Board is confident that the Group has access to sufficient liquidity, even in the event of a prolonged store closure period, only anticipate the need to issue paper under the Covid Corporate Financing Facility (“CCFF”) scheme in the event that the stores remain closed for a period greater than six months.
Focus continues to be on reducing operating expenses and managing cash flows. The executive management team have taken a voluntary 20% pay reduction. Ceo Nick Wilkinson has taken a voluntary 90% pay reduction, and chairman and non-executive directors have waived 100% of their fees. These reductions will be in effect for the three months from April to June.
Mr Wilkinson said: “Whilst many uncertainties remain, we have ensured that Dunelm and its many stakeholders will be well-supported through this difficult period and are confident that we will emerge from this crisis as a stronger business ready to return to sustainable and profitable growth.”