// Zara owner Inditex closes 3785 globally following the outbreak of coronavirus
// Group sales tumbled by 24.1% in the first two weeks of March
Spanish fashion retail giant Inditex has temporarily closed 3785 stores worldwide following the outbreak of coronavirus.
Inditex, the parent company of Zara, Pull & Bear, Bershka among others, warned that the pandemic has had a “very significant impact” on its operations.
The group said it has been forced to temporarily close stores in 39 markets across the globe.
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It added that it was currently “too early” to quantify the future impact of the pandemic on its operations for the rest of the year, but it was “fully confident” in the strength and flexibility of its business model.
Group sales fell by 24.1 per cent in the first two weeks of March as it was impacted by the raft of store closures, especially in European countries where there are government-mandated lockdowns.
Last week the group started to implement remote working at its head office in Arteixo, Spain in reaction to the pandemic.
It also temporarily closed its on-site gym and bus services at the site.
It has now temporarily shut all its stores in Spain where it has its largest network of sites, after the country’s government launched lockdown measures like neighbouring France and Italy.
The update came as the retail giant reported a jump in sales and earnings for the year to January 31.
with PA Wires
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