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Mar 23 2020, 09:15 GMT
Associated British Foods (ABF) has this morning announced the closure of all 376 stores across 12 countries. Management has moved decisively, seeking to mitigate 50% of its operating cost base. While the impact of COVID-19 on the Primark business is profound, ABF has the strongest balance sheet in its sector with substantial available liquidity. Importantly, ABF has seen no material impact on its non-retail businesses which continue to generate cash.