Primark warns of £375 million loss amidst fresh lockdown closures

British fashion retailer Primark has said that store closures during the second lockdown across Europe could result in sales loss of £375 million.

While Primark stores have already been temporarily shut in France, Belgium, Republic of Ireland, Wales and Slovenia, now the UK Government’s decision to impose lockdown in England from Thursday has added to the worries of the retailer.

On Saturday, Prime Minister Boris Johnson had announced a 4-week second lockdown from 5 November that sent shock waves across the British retail world.

Also Read: Big setback for UK retailers as PM announces second lockdown from 5 November

If the parliament gives a green signal to the plan of shutting down apparel and other non-essential stores in England from 5 November, 57 per cent of Primark’s stores will be closed.

Here one needs to mention that Primark has always refused doing business online and that will be something that the retailer will have to seriously think especially with Black Friday and Christmas nearing.

The British retailer has, meanwhile, said that it is considering taking necessary action to bring down operating costs.

There are also talks of the Government extending the furlough scheme to pay the wages to employees and save jobs.

Full details will be out when Primark announces its annual results later today (3 November).

Watch this space for more details!