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Bloomberg
Primark, the budget fashion chain owned by Associated British (AB) Foods Plc, has closed every store it operates due to the spread of the coronavirus, which will lead to a loss of 650 million pounds ($760 million) for each month the shops are shut.
Primark had closed 20% of its selling space as of March 16, and on March 22 it shut all stores in the UK, which generate 41% of its revenue. Primark contributes more than half of AB Food’s profits, so this will hobble the company. The next step is cost cutting.