The German retail cooperatives ANWR and Sabu are continuing to support their members by engaging in initiatives to underpin their liquidity as the coronavirus crisis drags on.
ANWR Group is offering its affiliated national and international footwear, sporting goods and leathergoods retailers a €150 million financing program through its own DZB Bank. This additional credit line, which is already open and can be used free of charge until the end of April 2021, should allow companies to pay supplier invoices on time and, more broadly, provide resources to face the challenges ahead, as the pandemic drags on and Europe braces for a third wave of Covid-19 infections.
“Due to the renewed extension of the lockdown and the resulting lack of sales, the liquidity pressure on our retailers is increasing”, said Frank Schuffelen, CEO of ANWR Group eG. “With the 60-day ‘lockdown line’ we are giving companies more breathing space and the opportunity to focus on the challenges that await them in the next few months”, securing their financing until the third quarter, he added. “This immediately available liquidity comes at exactly the right time”, said Christian Bode, shoe retailer and deputy chairman of the supervisory board of ANWR Group.
Sabu also put actions in place to boost affiliated retailers’ liquidity and give them additional financial leeway in the coming months to actively prepare for the reopening after Covid-19 related lockdowns.
From March 1, 2021, all new invoices for affiliated shoe retailers in Germany and neighboring countries will be extended by 30 days for the next 60 days regardless of their due date, allowing a more comprehensive deferral of payments.
“In the footwear sector in particular, we expect a slow return to normal purchasing habits”, said Uli Rau, spokesman for Sabu Schuh-Verbund eG.
Sabu’s offer aims to tackle this issue, bridging possible financial gaps between due invoices and a sluggish sales recovery.
“Even if the various state aid measures in recent months helped improve the financial situation of the retail sector, it still remains strained for many. Our financing offer is immediately, unbureaucratically and directly available where it is urgently needed”, Rau said.