// TK Maxx extends supplier payment terms by 90 days
// The group closed all stores on March 19 and shut online operations last week
TK Maxx has reportedly extended supplier payment terms by 90 days after closing its online store last week amid the coronavirus outbreak.
In a letter to suppliers, TK Maxx parent group TJX Europe’ chief buying officer Roger Bannister said the business and its vendor community was facing unprecedented times as the Covid-19 situation unfolds daily, Drapers reported.
The group said it would extend merchandise payment terms for all divisions including TJX Europe.
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The retailer has reportedly cancelled orders, including stock specifically for TK Maxx.
It added that once retail trading levels returned to normal, it plans on paying its vendors under the usual payment terms.
TK Maxx, which posted record full-year sales last month, has 672 stores across Europe.
It closed down its UK store estate last month as the coronavirus crisis showed no signs of slowing down any time soon.
In recent weeks, retailers including Arcadia Group, Primark, Edinburgh Woollen Mill Group and New Look have also written to suppliers to cancel orders.