AB Foods' Primark Pays Further GBP370 Million to Suppliers for Pre-Lockdown Orders

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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