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TK Maxx closes UK stores amid Covid-19 virus outbreak

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In this episode we speak to Matt Dalton, consumer sector leader at Forvis Mazars. Matt discussed the biggest challenges facing the retail sector, from cost pressures and wage increases to polarised property markets and geopolitical shocks, and the ways in which retailers can best navigate these. We also explore how short-term cost-cutting could undermine long-term resilience, and how retailers can best remain agile and adaptable in unforecastable times.

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Discount store TK Maxx has become the latest retailer to take the decision to temporarily close its stores amid the recent outbreak of coronavirus.

TK Maxx has announced all stores in the United States, Canada, Europe and Australia have will close for two weeks. The company has also announced it is closing its online businesses tjmaxx.com, marshalls.com and sierra.com.

The company is temporarily closing its distribution centers and offices, with associates working remotely when they can.

In a statement released yesterday (19 March) TK Maxx said: “We know our Associates are very concerned for their health and financial well-being, and we plan to pay our store, distribution center and office associates for two weeks during these closures.”

The news comes after high-street fashion retailer Zara announced it had closed almost 4,000 of its stores across the globe amid the Covid-19 virus outbreak.

The parent company of Zara, Inditex, warned the pandemic has had a “significant impact” in certain markets resulting in temporary closures of 3,785 of its stores, as the group was forced to close in 39 markets globally.

Other stores which have temporarily included Apple, Ikea, Calvin Klein and Selfridges, with department store Harrods changing its store timings.

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Ikea to temporarily shutter all UK stores amid Covid-19 pandemic

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