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Coronavirus: Shoe Zone warns of 'significant' disruption

Shoe Zone is planning to cancel its final dividend payment, after witnessing a drop in footfall as a result of the Covid-19 coronavirus pandemic. 

Following consultation with its advisers, the Shoe Zone board said it is “taking the prudent decision” to defer the payment of the 8p per share 2019 final dividend that was approved at its annual general meeting on 5 March. 

The company said in a statement: “In recent days we have seen a reduction in footfall, across our estate, and whilst the full extent of the coronavirus on the short and medium term retail environment is not yet clear, it is becoming ever more apparent that it will create significant disruption to people’s lives and shopping habits in the coming months. 

“The decision to defer and take steps to propose the cancellation of the 2019 final dividend has been taken with the unanimous backing of the board and is one of number of appropriate measures being implemented to conserve the company’s cash balances and ensure the robustness of the business to protect it from a sustained period of challenging trading.” 

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