As retailers are lurching from global effects caused by the pandemic, H&M took precautionary measures by borrowing €980 million to strengthen its liquidity buffer over the course of the pandemic.
According to Reuters, H&M’s 12-month bank facility comes with a six-month extension option, topping the retailer’s €700 million facility from 2017, which matures in 2024.
“The H&M group’s liquidity remains good,” H&M said in a statement. “The group is continuing its work to set up a combination of different financing solutions.”
Being the world’s second largest retailer, H&M is slowly but surely gearing up for a loss marked for he first time in decades. The company plans to raise additional funds and launch other initiatives in aid of these times.
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