The tile specialist said the pandemic will result in a "material reduction" to expectations for revenue and profit and is not expecting to pay an interim dividend this financial year.
In a bid to shore up its financial position,
The group expects total net debt at the half year end on 28 March to be approximately £19m.
In the event of a 12-week closure of retail premises, followed by a further quarter of materially reduced sales, the tile company said its cash reserves will "provide it with good levels of liquidity for the remainder of the current financial year".
The firm welcomed the chancellor's emergency measures for business, particularly the cessation of business rates. Topps also said it would utilise the job retention scheme to furlough store workers.
(c) 2020 City A.M., source