LONDON – Fashion retailer French Connection says it will run out of cash in the next few months unless it secures a cash injection or sales improve. The brand, owned by Strandbags, the Australian and New Zealand based retailer which is controlled by South African fashion businessman Michael Lewis, closed all 68 of its stores and concessions in the UK as well as many overseas outlets in March. This was part of measures to control to control the Covid-19 pandemic.
The company said online trade has jumped 44 per cent and the brand continues to receive wholesale orders from some customers as stores in Europe have begun to reopen. However, the business said such activity could not support the business. There are also fears generally in retail that further shutdowns will occur if Covid cases spike later in summer.
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