Since 2020: Reduced
The risk of future mandatory closure of nonessential retail stores due to the ongoing Covid-19 pandemic is a significant ongoing risk for Card Factory. Loss of revenue from the store estate, which accounts for the majority of sales, would impact the Group s liquidity. Any lasting shift in shopper behaviours following the pandemic may further impact performance of our stores.
We have successfully secured additional bank facilities that provide additional liquidity, should further store closures be required, however, further agreements with our banks may be necessary, if any additional periods of closure are prolonged. Alteration to our store estate may be required - our short lease terms allows us to review locations and hold constructive discussions with landlords to manage our property costs. Investment in capacity to meet online sales demand and diversification of sales with retail partners provides other routes to the customer, via essential retailers .
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The John Lewis Partnership will become the first UK retailer to launch six months’ equal parenthood paid leave and two weeks’ paid leave for any Partner who experiences the loss of a pregnancy.
These commitments, alongside the start of a pilot programme to provide career help for young people leaving the care system, are part of a new package of support for Partners (employees), who jointly co-own the business.
Informed by feedback from Partners who shared what mattered most to them, these commitments support our vision to become the UK’s most inclusive business for our Partners and customers, reflecting and connecting with the diverse communities we serve.