(RTTNews) - Associated British Foods plc (ASVFY.PK, ABF.L) said Thursday that as of January 1, 2021, it will temporarily close 253 Primark stores.
The company's decision follows the announcements by the UK and Republic of Ireland governments regarding increased restrictions on the movement of people and trading activity to limit the spread of COVID-19.
The closed stores represent 64 percent of the company's total retail selling space. The announced periods of closure vary by market.
Associated British Foods said it's estimated loss of sales for these stores for the announced periods of closure in its financial year is now about 650 million pounds, up from 430 million pounds announced on December 4.
The company will provide an update on trading for both Primark and its other businesses on January 14, as scheduled.
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