AB Foods Sees GBP375 Million Sales Loss Due to Store Closures Amid Coronavirus Second Wave
November 02 2020 - 2:47AM
Dow Jones News
By Matteo Castia
Associated British Foods PLC said Monday that it is closing its
Primark stores in France, Ireland, Belgium, Wales, Spain's
Catalonia region, Slovenia and possibly the U.K. due to new
coronavirus restrictions, and that it estimates the loss of sales
to amount to 375 million pounds ($485.6 million).
The British conglomerate said stores of its clothing brand in
France, Ireland, Belgium, Wales, Catalonia and Slovenia represent
19% of its total retail selling space.
The company also warned over a possible confirmation of the new
coronavirus lockdown in the U.K. Should the new measures be
confirmed by the British parliament, all nonessential shops in the
country would close, causing AB Foods' closed selling space to rise
to 57%.
Write to Matteo Castia at matteo.castia@dowjones.com
(END) Dow Jones Newswires
November 02, 2020 02:32 ET (07:32 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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