Card Factory scraps divi, to shut all stores by Monday close

Card Factory said it was closing all its shops by the close of trading on Monday and cancelled its final dividend, in line with efforts to stop people gathering during the Covid-19 crisis.

The company said it would keep the decision "under continuous review and update further in due course". It had earlier on Monday said it would close stores temporarily on a selective basis after a "very material drop in High Street footfall".

To mitigate the pandemic's effects, Card Factory said it had identified "significant" reductions in non-essential capital expenditure and new store openings would be limited to those its was legally committed to complete.

"This stands at seven stores, and these openings will be delayed until the second half of the year. We have taken a number of steps and are in ongoing discussions with landlords to reduce net cash outflow, thereby increasing our short-term financial flexibility. We will continue to keep this under review," the company said.