Retailer currently has 19% of total retail selling space temporarily closed, with this set to rise to 57% from November 5.
The owner of Primark – Associated British Foods – has sounded a warning note of losses due to lockdowns implemented to help slow the spread of COVID-19.
The company is predicting it will lose £375 million due to the lockdowns across England and Europe, reported Fashion United.
Currently, 19% of Primark’s total retail selling space is temporarily closed in the Republic of Ireland, France, Belgium, Wales, Catalonia in Spain and Slovenia.
From Thursday November 5 – when the UK government confirmed that non essential retailers in England will need to close until December 2 – this figure will rise to 57% of total selling space being closed.
The retailer has said that all orders placed with suppliers will be honoured, while it is also implementing operational plans to manage the consequences of the closures saying ‘appropriate action’ will be taken to reduce operating costs.
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