Associated British Foods, owner of clothing retailer Primark, estimates to lose around £375 million ($484 million) in sales due to temporary store closures in all major markets. All Primark stores in Ireland, France, Belgium, Wales, Catalonia in Spain and Slovenia are temporarily closed, representing 19 percent of its total retail selling space.
The company expects 57 per cent of its total selling space to remain temporarily closed from November 5 if the UK government passes the law to close non-essential stores from November 05-December 02. The company is implementing operational plans to manage the consequences of the latest closures, including reducing operating costs. It said all orders placed with its suppliers would be honored.
The company has upgraded profit forecast for the chain above its previous range of £300 to 350 million.
