AB Foods' Primark Pays Further GBP370 Million to Suppliers for Pre-Lockdown Orders
April 20 2020 - 9:42AM
Dow Jones News
By Matteo Castia
Associated British Foods PLC's clothing business Primark said
Monday that it will pay its suppliers for a further 370
million-pounds ($462.3 million) worth of either finished or
in-production orders that were scheduled to be delivered by April
17.
The fashion brand had previously taken responsibility for paying
all orders that were in transit or booked for shipment by March
18.
The new pledge on Monday brings its total stock, owned or
committed, to nearly GBP2 billion, the company said.
Primark doesn't have an online presence, and its stores remain
closed under the U.K.'s lockdown.
"Primark also hopes to re-commence placing future orders for
autumn and winter stock once there is further clarification of the
reopening of stores," the company said.
Shares at 1250 GMT were down 19 pence, or 1%, at 1,965
pence.
Write to Matteo Castia at matteo.castia@dowjones.com
(END) Dow Jones Newswires
April 20, 2020 09:27 ET (13:27 GMT)
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