- Children’s apparel brand, Peekaboo Beans (CSE:BEAN), has released a company update detailing its response to the ongoing COVID-19 crisis
- The business has closed its flagship store location indefinitely, and implemented precautionary measures at its head office and warehouse
- Despite recent challenges, PK Beans has launched a number of initiatives, including its Explorers’ Club subscription, for children at home
- The company has been boosted by a monthly sales increase of 47 per cent, year over year
- Peekaboo Beans (BEAN) is currently steady at 3 cents per share
Children’s apparel brand, Peekaboo Beans (CSE:BEAN), has released a company update detailing its response to the ongoing COVID-19 crisis.
On March 19, 2020, the business made the decision to close its flagship store location indefinitely. The company is currently attempting to source possible support for staff who have been affected. This may include government assistance programs.
Despite the closure of its physical location, PK Beans remain open online, 24 hours a day. Like many other companies, PK Beans will rely heavily on its online orders during this time of COVID-related shutdowns. The business is working with manufacturers and suppliers to ensure a continued flow of services and inventory for the rest of 2020.
PK Beans has also implemented precautionary measures at its head office and warehouse in Richmond. These measures, such as social distancing, are to keep staff, customers and the community safe from infection.
PK Beans’ CEO, Traci Costa, commented on the impact of the ongoing COVID-19 pandemic.
“It’s challenging for individuals, families, and businesses as we navigate these uncertain times. We want to assure you, that despite the global economy, we are taking proactive and necessary measures to get through this,” she said.
Despite the unprecedented challenges, PK Beans has pointed out that it is still keeping busy. The company has recently launched a number of initiatives, to keep the business relevant in an unstable market environment.
One initiative is the PK Beans Explorer’s Club subscription, which has arrived in time for school holidays and COVID-related self-isolation.
After beta-testing a second-hand PK Beans market in-store, the company is planning to launch it online, ahead of schedule. The PK Beans’ Spring 2020 Collection, which includes childrens’ sleepwear, will also provide higher margins for the company.
The business’ confidence has been boosted by a monthly sales increase of 47 per cent year over year. PK Beans also continues to see consistent, strong and positive returns on its digital ad spending and recent rebranding.
Peekaboo Beans (BEAN) is currently steady at 3 cents per share, as of 10:36am EST.