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Bloomberg
Hennes & Mauritz (H&M) and Primark are bracing for an unprecedented slump in European sales as the epicenter of the coronavirus outbreak shifts from China.
Primark has closed shops that generate 30% of its total revenue as governments ordered shutdowns. H&M is shutting stores in 13 European countries, including Italy, which has more than 24,000 cases of Covid-19.
The number of cases is rising in Europe, especially in Spain, Germany and France.
Retail has become a bellwether of the crisis as China begins to recover and Europe goes into freefall. Primark, which sources many garments from China, said supply shortages from that market will be minimal. H&M, which closed 334 of its 518 Chinese stores due to outbreak last month, has reopened most of those.