High street fashion giant Primark, department store chain John Lewis and shoe repair specialist Timpson all shuttered stores over the weekend in response to the burgeoning coronavirus epidemic.
Associated British Foods (ABF), the parent company for Primark, announced this morning it had made the decision to close all of its 376 stores across 12 countries, which it said represented a loss in sales of £650m a month.
ABF confirmed it would be placing a hold on new orders from suppliers and had been in discussions with landlords about reducing rents across all its sites.
Due to these measures, Primark said it estimated it would be able to recover about 50% of total operating costs.
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