Discount footwear chain Shoe Zone stores has decided to close 20 stores.
It has also carried out a redundancy programme at its Leicester head office.
The business said a double whammy of lockdown and supply chain disruption had pushed it into the red for the last six months.
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The chain, which has 3,500 staff, was suffering the effects of the coronavirus even before the lockdown was imposed as shoppers stayed at home.
Last week it was able to reopen 416 of its 490 shops, with more due to open at the end of the month as Wales and Scotland ease their restrictions.
A trading update shows the business suffered pre-tax losses of £2.5 million in the half year to April 4 - when lockdown had only just begun - compared to a £1 million profit a year earlier.
Turnover for the period was £68.9 million, compared to £73 million the same time last year.
Chief executive Anthony Smith said “Covid-19 will continue to have an unprecedented impact on the 海角视频 economy and the retail industry.
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“Whilst the group has taken all possible steps to ensure that the business will survive through the crisis and continue into the future, the impact is likely to continue to be felt for several years.
“As a result of this and following an extensive review of the store portfolio Shoe Zone has closed an additional 20 stores during lockdown and will only open 470 when permitted.
“The group has also taken immediate action to reduce costs at head office and pause all areas of discretionary spend.
“Negotiations with landlords have also been accelerated and supplier orders reduced, cancelled or deferred as far as possible.
“The head office rationalisation programme has meant an additional £300,000 has been incurred in redundancy payments after the balance sheet date.
“We have also undertaken a review of freehold values held resulting in a write down of £900,00, giving an additional Covid-19 impact, not included in the first half results of £1.2 million.”
The company said it has taken out a £15 million Coronavirus Business Interruption Loan (CBILS) to help it thorough the downturn, of which £10 million has been drawn down to date.
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Other actions have included cancelling its final dividend, furloughing staff and using government tax deferment schemes.
However, pre-virus, in the year to February, the business said it had seen growth of 2.6 per cent.
Online sales have helped during the lockdown, thanks to a “very aggressive” Buy One Get One Free promotion on all stock to generate cash as quickly as possible.
The BOGOF promotion has now changed to selected lines, but is still doing well for the business.
Mr Smith said: “The board remain confident that the group’s current level of funding will be sufficient to secure the future of the business, assuming that sales return to a high proportion of previous sales during the next year.”