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March 27, 2020

Covid-19: Carter’s provides updates on latest actions

North America babies and young children apparel retailer Carter’s has provided updates on actions taken amid disruption due to the growing coronavirus (Covid-19) pandemic.

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North America babies and young children apparel retailer Carter’s has provided updates on actions taken amid disruption due to the growing coronavirus (Covid-19) pandemic.

Last week, the company suspended all of its store operations across Canada and the US. 

The company is also revoking its financial guidance provided on 24 February for the first quarter of fiscal 2020 and fiscal year 2020.

To enhance liquidity, it is also drawing all of its revolving credit facility of around $750m.

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Meanwhile, Carter’s is expected to continue providing compensation and benefits through early April for those employees affected by the store suspension decision. 

In case stores remain closed beyond early April, the pending US legislation and the one sanctioned in Canada may provide assistance to affected employees.

The time for reopening of stores is subject to permission from local governments.

Carter’s chairman and chief executive officer Michael D Casey said: “Carter’s is taking steps to address the challenges related to the current global health crisis. We are focused on ensuring the safety of our customers and employees, serving the needs of families with young children through our wholesale and retail e-commerce capabilities, and improving our financial flexibility during this period of disruption in our business. 

“We believe the strength of our brands and balance sheet, together with the support of our employees, customers, lenders and suppliers, will enable Carter’s to manage through the challenges in the months ahead.”

The company’s online operation and distribution centres are operating as usual.

Total confirmed cases of Covid-19 have climbed to 532,564 worldwide while the death toll has reached 24,077.

Confirmed cases in the US have increased to 85,991 with 1,300 recorded deaths.

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