FASHION giant Zara have announced they will shut 1,200 stores around the world after profits plummeted during the coronavirus crisis.
The owner of Zara has said they will “absorb” smaller stores and put more emphasis on online sales.
The high street global chain has 11 stores in Ireland, 7,412 worldwide, and is owned by Spanish multinational clothing company Inditex.
The company that has seen profits plummet by 44 per cent also owns Massimo Dutti, Pull & Bear and Bershka.
The shop closures are expected to mainly be in Europe and Asia but inditex says the employee “headcount will remain stable” as staff will take on online roles.
Between February 1 and June 8 Inditex have reported a net loss of €409 million but online sales rose by 50 per cent.
Meanwhile this morning Mothercare Ireland announced they have gone into liquidation after the impact of Covid-19 on the family business.
The company has taken the decision as its director can no longer see a viable future for its stores.
The kids chain has been operating 14 stores across Cork, Drogheda, Dublin, Dundalk, Galway, Limerick, Newbridge, Portlaoise, Sligo and Tralee since 1992, employing 197 people.
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