While the coronavirus continues to hurt the whole industry of fashion companies, H&M is increasing its liquidity buffer.
The fast-fashion company said in a statement that it has obtained a 980 million euro ($1.1 billion) revolving credit facility to support its operations amid the epidemic, which has infected over 1.49 million people worldwide and killed at least 87,400 people.
The new 12-month bank credit has the potential of being extended by another six months. The firm also has a 700 million euro ($760 million) undrawn facility that was negotiated in 2017 and is due to mature in 2024.
The statement said, "The H&M group's liquidity is healthy." The organization is still working to bring up a variety of funding options.
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