the pandemic and its economic impact have been a litmus test for TAKKT. We were, however, able to draw on our experience from previous crises and benefit from it. Our crisis management can be divided into different phases. At the beginning of the pandemic in March and April, the focus was on protecting employees, continuing operations during the lockdown and safeguarding our financial independence and ability to act. This included extending and expanding credit lines with banks ahead of time, suspending the dividend and launching a comprehensive program to manage costs as well as inventories and receivables.
Beginning in May, we expanded our activities towards benefiting from the recovery following the lockdown. This also included expanding the range with products that were particularly in demand during the pandemic. This enabled us to stabilize order intake significantly from quarter to quarter. Since around the middleof the year, we have also been identifying and taking advantage of opportunities to develop new additional business. In addition to organic initiatives, this also includes examining potential acquisitions.
TAKKT is the leading B2B distance seller of business equipment in Europe and North America. The Group is represented by its brands in more than 25 countries.
The product range of the subsidiaries comprises over one million products from the areas of business and warehouse equipment, office furniture, transport packaging, display items, equipment for the food service and hotel market, and retail.