PARIS: Electronics retail giant Fnac Darty announced on Sunday it had secured a 鈧�500 million ($544 million) loan guaranteed by the French state 鈥渢o secure cash flow鈥� and prepare for recovery after the coronavirus crisis.
Finance Minister Bruno Le Maire said the guaranteed loan facility was 鈥渢he first that the French state has granted to a major French company鈥� to help it over the crisis.
The group reported 鈥渧ery strong growth in e-commerce, in all countries, during the lockdown鈥� but in the first quarter of the year revenue plunged 7.9 percent on a reported basis to 鈧�1.49 billion.
With stores closed sales fell 30 percent in March, a statement said.
However e-commerce doubled over the last half of March and the first days of April.

The group had warned in mid-March it would not meet its minor growth targets and on Sunday withdrew proposed dividends for 2019 鈥� in line with government demands.
鈥淲ith more than 鈧�20 billion in loans given to 150,000 companies, the deployment of the state guaranteed loan is a reality for French companies, whatever their size,鈥� Le Maire added.
鈥淭he state-guaranteed loan is a major lever to help them overcome this economically difficult period without trouble.鈥�
Fnac Darty鈥檚 one-year loan supported by French banks has a five-year extension option.