By Matthew Roscoe • 02 November 2020 • 9:36
PRIMARK warns of a £375m hit from the loss of sales due to lockdown closures.
Owners of the retail giants, Associated British Foods, estimated the significant loss due to the Covid restrictions as all Primark stores in Ireland, France, Belgium, Wales, Catalonia (Spain) and Slovenia are temporarily closed.
These closures already represent 19% of its total retail selling space, but more damagingly, it said if the UK government was to go through with plans to close non-essential shops in England for one month then 57% of its total selling space would be temporarily closed from 5 November.
The store has always performed well and is a favourite among high-street shoppers, however, Primark does not offer online sales meaning closure of their stores would have a major blow and could see staff cuts.
As well as staff cuts being discussed, the company has added that stores in other countries are set to begin operating at reduced hours.
“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,” ABF said.
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Originally from the UK, Matthew is based on the Costa Blanca and is a web reporter for The Euro Weekly News covering international and Spanish national news. Got a news story you want to share? Then get in touch at [email protected]
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