Primark plans to reopen all English stores on 15 June

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Primark is going to reopen all of its 153 stores in England on 15 June when lockdown restrictions are lifted, its owner AB Foods has said.

During the lockdown, the clothing chain has built up almost £2bn-worth of stock to sell, double its normal stockholding.

However, bargain-hunters are going to be left disappointed after the firm said there would be no “special discounting”.

“The stock goes to be sold within the traditional course of business, albeit at a later date,” it said.

The company said it had £1.5bn of stock available plus a commitment to suppliers to buy for an additional £400m-worth. It normally holds stock worth £900m.

The excess stock mainly comprises non-fashion and non-seasonal ranges plus some excess spring-summer goods, it said.

Some of the latter are getting to be held back until spring 2021 while the rest goes to be sold “in the normal course of business”.

Primark’s 37 shops in Northern Ireland, Scotland, and Wales will re-open in late June pending “further guidance”.

It has also pulled forward the opening of a replacement store within the Trafford Centre, Manchester to fifteen June. it had been originally planned to open within the third quarter of the year.

Safeguarding health
The company has already reopened quite 100 stores across Europe including 32 in Germany, 25 in Spain, and 20 within the Netherlands.

It said it had learned lessons from the openings which may be carried forward to UK openings.

“Social distancing protocols, hand sanitizer stations, perspex screens at tills, and additional cleaning of high-frequency touchpoints within the shop are among the measures we are implementing,” it said.

Personal protection, including masks and gloves, are being made available to all or any or any employees, the company added.

“These measures are designed to safeguard the health and wellbeing of every one’s future and to instill confidence within the shop environment.”

It said it’s received regeneration from customers and employees in areas where stores are already open.

Ted Baker seeks extra funds
In other retail news, Ted Baker has said it plans to spice up £95m to slash debt and to help buy a change plan.

The announcement came because the style chain reported a loss of £79.9m for the year to 25 January 2020, compared to a profit of £30.7m the previous year.

The fashion brand blamed the loss on £84.6m of non-underlying expenses, including £45.8m of inventory charges after an investigation found that it had overstated the price of its stock.

In the 14 weeks from January, to 2 May, revenue has slumped 36%, although online sales have jumped by 50%.

To turn things around the retailer has announced a replacement strategy it calls “Ted’s Growth Formula”, which may involve “stabilizing the foundations, driving growth, and enhancing operational excellence”.

Ted Baker has begun to gradually reopen stores, primarily in Europe, and is planning for further re-openings as governments relax lockdown rules.

Source: bbc news

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