Commodities

Primark closes all stores, stops new orders with suppliers over coronavirus

Credit: REUTERS/SIMON DAWSON

Primark is closing all of its stores around the world, a loss of roughly 650 million pounds ($760 million) worth of net sales a month, and will stop placing new orders with suppliers, its parent company said on Monday as the coronavirus outbreak deepens.

LONDON, March 23 (Reuters) - Primark is closing all of its stores around the world, a loss of roughly 650 million pounds ($760 million) worth of net sales a month, and will stop placing new orders with suppliers, its parent company said on Monday as the coronavirus outbreak deepens.

"A variety of work streams have been established to mitigate the effect of the contribution lost from these sales and all expenditure is being reviewed," Associated British Foods said.

"We currently estimate being able to recover some 50 percent of total operating costs."

($1 = 0.8548 pounds)

(Reporting by Costas Pitas; editing by Michael Holden)

((Costas.Pitas@thomsonreuters.com; 02075428024; Reuters Messaging: costas.pitas.thomsonreuters@reuters.net and @Cpitas on Twitter))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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