INTERVIEW
It is the first company of this size to benefit from the loan guaranteed by the State to deal with the economic consequences of the Covid-19 health crisis. The Fnac-Darty group has just been granted a loan of up to 500 million euros, validated by the Minister of the Economy, Bruno Le Maire, in person. Enrique Martinez, Managing Director of the Fnac-Darty group, wants to be reassuring about Europe 1. "The group before the crisis was very solid. But like many traders, we need cash during the year to pay our bills. and anticipate our end-of-year purchases. "
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Executive salaries cut
In exchange for the agreement of this loan, the group waived the payment of dividends for the current year. Additional gesture: Enrique Martinez, as well as the members of the board of directors and executive committee, undertook to reduce their wages during the period of confinement, as long as some of their collaborators were partially unemployed.
The director general hopes to be able to repay this loan as quickly as possible and pleads for a cancellation of the rents of the commercial premises. "We are completely prevented from carrying out an activity for which we have contracted leases, so the payment of rents seems to me completely a heresy," he said. "All of this will end with negotiations between companies and donors, either a single negotiation at the national level or at the level of each brand."
A 30% loss of activity in March
Since the start of containment, the Fnac and Darty websites have been growing strongly. "Customers need our products," says Enrique Martinez. "We have been in great demand since the start of confinement for basic necessities such as computers but also everyday products such as washing machines, refrigerators." If online sales have doubled, they do not compensate for the lack of physical sales. "For the month of March, the entire activity fell by 30%," he summarizes.
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Announcements to extend the confinement nevertheless accelerated demand on the group's websites. "Everyone suspected but the confirmation of the extension of the containment at least until May 11 this invited people to confirm some orders."
Guaranteed delivery and breakdown service
Faced with accusations that would deem the sale of household appliances online, Enrique Martinez defends himself. "We sell essential products for life". Computers for online courses and teleworking, printers to print exit certificates, everyday products that have broken down: "People in confinement need to use these products and they can be delivered and installed at home if necessary, "he adds.
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It also ensures that security conditions and social dialogue within the group are respected. Regarding deliveries and repair operations, there are still 500 interventions each day to troubleshoot people, needing a quick intervention, specifies the director general, in compliance with the barrier measures. "A large number of interventions were successful over the phone, guiding the repair," adds Enrique Martinez. "But our teams remain operational."