Primark, the Irish fashion retailer, has estimated its sales losses to touch £650 million owing to closure of non-essential stores – including that of apparels and fashion accessories – across Europe.
Last month, Primark had said that expects the sales losses to be as much as £430 million due to continuous store closures, though it also hoped to recover some of those losses with Christmas sales.
Also Read: Primark hopes to recover £430 million of lost sales!
However, the holiday sales haven’t been anything to talk about for many retailers including Primark. And now with the UK and Irish Government also announcing the closure of non-essential stores in many parts of England and Ireland, Primark has raised the estimated losses to be £650 million.
Wales is already under lockdown since last week, where 1 in 5 people are testing positive for the coronavirus.
Also Read: Wales to go into another lockdown after Christmas; non-essential stores to shut down
Meanwhile, as of 1 January 2021, 253 stores of Primark are closed.
The Irish retailer has its headquarters in Dublin, Ireland and has operations in Europe and the US.
We will be there with all the latest developments, once Associated British Foods, which owns Primark, will offer a trading update next week (14 January).
