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Primark sales to plunge by $375m as stores shuttered in second Covid wave
2nd Nov 2020 07:21
(Sharecast News) - Primark owner Associated British Foods said it expected to lose £375m in sales as new Covid-19 lockdowns across Europe forced the closure of its stores.
The company on Monday shuttered all shops in Republic of Ireland, France, Belgium, Wales, Catalonia in Spain and Slovenia representing 19% of its retail space. Lawmakers in England are set on Wednesday to vote on a one-month lockdown which would see 57% of the store estate closed.
"We are implementing the operational plans developed to manage the consequences of these closures and appropriate action will be taken to reduce operating costs. All orders placed with our suppliers will be honoured," the company said in a statement.
The company on Monday shuttered all shops in Republic of Ireland, France, Belgium, Wales, Catalonia in Spain and Slovenia representing 19% of its retail space. Lawmakers in England are set on Wednesday to vote on a one-month lockdown which would see 57% of the store estate closed.
"We are implementing the operational plans developed to manage the consequences of these closures and appropriate action will be taken to reduce operating costs. All orders placed with our suppliers will be honoured," the company said in a statement.