Primark warns of £375m hit from loss of sales due to lockdown closures

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.