Schuh, the British footwear retailer owned by the U.S. firm Genesco, has obtained a £19 million (€20.9m-$25.5m) financing facility with Lloyds Bank. The funding is part of the U.K. Treasury’s Coronavirus Large Business Interruption Loan Scheme (CLBILS).
Schuh already had a credit facility with Lloyds and the refinancing will boost its long-term liquidity while lowering the cost of debt.
The retailer has more than 120 stores in the U.K. and Ireland as well as an e-commerce business. Along with the refinancing, Schuh has put in place other measures, including cost containment, to navigate through the pandemic and offset the expected decline in sales in brick-and-mortar stores during the current financial year.