Germany's Ceconomy applies for state financing

German electronics retailer Ceconomy is applying for state financing to mitigate the impact of the coronavirus on its business following forced shop closures. The company has decided to apply for financing from German state bank KfW to complement cost cuts and the suspension of investments, a spokeswoman said on Saturday.
"It is completely unclear at this time how long it will take before we can resume normal operations," she said. According to a person close to the matter, Ceconomy is applying for 2 billion euros ($2.2 billion) in KfW financing. Bloomberg earlier reported the news. A raft of companies is applying for funds from a rescue package set up by the German government. Holiday operator TUI said on Friday it had received a 1.8 billion euro loan commitment from KfW.