This archive report was first published on 22 April 2020.
On April 19, 2020, French retail giant Fnac Darty received a $542 million state loan to help it navigate the challenges posed by the COVID-19 pandemic.
Despite the pandemic's negative impact on businesses, Fnac Darty reportedly experienced strong growth in e-commerce across all countries during the lockdown period, with revenues plummeting by 7.9% in the first quarter of the year.
As part of France's efforts to boost its economy and support businesses, the government has rolled out a $119 billion package, which includes cash handouts, tax and payroll charge deferrals, and state-subsidized furloughs.
Fnac Darty's loan is the largest state-backed loan to be awarded to a company, with over 150,000 businesses having received approximately 20 billion euros in state loans.
