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Primark agrees to pay for £370 million worth of orders from suppliers

Primark had previously only committed to orders which had been in transit or scheduled to be shipped by 18 March.

RETAIL GIANT PRIMARK has agreed to pay suppliers £370 million for orders up to 17 April, having previously said it would only commit to orders which were in transit or shipped by 18 March. 

It comes following criticism directed towards Primark, which trades as Penneys in Ireland, for cancelling millions of pounds worth of orders. 

Primark is owned by Associated British Foods and currently operates more than 370 stores in 12 countries. 

In a statement, it said: “Primark announces today that it is now able to commit to pay for some £370m (€424m) of additional orders for product over and above the £1.5bn (€1.7bn) of stock in stores, depots and in transit.

“This means it will now take all product that was both in production and finished, and planned for handover by 17 April.”

“This new commitment follows extensive one-to-one conversations with our suppliers, which began four weeks ago and helped us identify mitigating options, including extended payment terms.”

It said the total existing and incoming stock has cost £2 billion despite its stores remaining closed during the global Covid-19 emergency.

Primark’s CEO, Paul Merchant said “transparency and clarity” was at the centre of the negotiations with suppliers in recent weeks. 

“We have been in close and regular contact with our suppliers over the last few weeks to find a way forward, and to pay for as much of the previously ordered product as possible.

“Transparency and clarity have been at the heart of our longstanding relationships with our supply base and we were obviously disappointed that we were not initially able to commit to this stock.”

Retails stores across a number of sectors have been shut worldwide over the past number of weeks under Government restrictions, as nations scramble to mitigate the spread of the Covid-19 coronavirus. 

In Europe, countries including Italy and Denmark have slowly begun reopening some sectors after the number of new cases fell by a significant margin. 

Stores in Ireland and the UK are not expected to open until next month at the earliest, with updates expected from governments in both countries at the beginning of May. 

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    Mute Stephen Devlin
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    May 13th 2016, 10:47 PM

    Probably has 6000 previous convictions .. QUICK .. Someone hand him a 2 year suspended sentence

    221
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    Mute Assel Dannourah
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    May 14th 2016, 7:33 AM

    manslaughter conviction looming

    23
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    Mute screanire
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    May 13th 2016, 11:56 PM

    It’s got to such a ridiculous situation at this stage that I’m actually (in a weird way), rooting for the Hutch faction. I’d prefer if the Gardai started with the vile Kinahan ‘gang’ first. Once they are locked up, lock up the Hutch associates then.

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    Mute Mary Murphy
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    May 14th 2016, 12:45 AM

    Yea and Gerry the formal criminal Hutch too.

    17
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    Mute Seamus McSpud
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    May 14th 2016, 7:19 AM

    I say a mass celebrity death match out of the way in some warehouse in Dublin.

    18
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    Mute Seamus McSpud
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    May 14th 2016, 7:24 AM

    These 2 gangsters were on the front page of every newspaper a few weeks back and only now are arrested … I can only assume they have been in a rat hole somewhere because they haven’t been shot already.
    As I write I’m concluding he probably handed himself in as it’s hard to imagine the guards find him before the hutches

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    Mute Cal McLaughlin
    Favourite Cal McLaughlin
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    May 13th 2016, 10:36 PM

    Great news.
    Important news.
    Hopefully this breakthrough will crack the case open and the people who organised the shootings will be brought to justice.

    66
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    Mute Neil79
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    May 14th 2016, 12:10 AM

    Well done to the boys in blue

    44
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    Mute Ian Phillip Creaner
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    May 13th 2016, 10:45 PM

    Da fugh was dat?

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    Mute Jamie McCormack
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    May 14th 2016, 12:39 AM

    Alan Kelly is the reason we should abandon politics.

    14
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    Mute Jamie McCormack
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    May 14th 2016, 12:44 AM

    Ah I’m only joking, but how do you stop megalomaniacs from coming to power, or are you supposed to just roll with it.

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    Mute paddy
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    May 13th 2016, 10:40 PM

    Wombs of the world untie!

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    Mute Dj
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    May 13th 2016, 10:37 PM

    Two of them might as well been doing a wedding shoot.

    29
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    Mute Wesley Preston
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    May 14th 2016, 12:45 AM

    Loads of commotion on the N32 this evening. Thought it was another shooting

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    Mute Robbie Holland
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    May 14th 2016, 1:48 PM

    Seen that myself loads of Garda surrounded at the side of the road, looked very dodgy.

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    Mute David Conroy
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    May 14th 2016, 3:19 PM

    There were about 14 armed Gardai and they carried out the arrest with precision timing. If the bad guys had have produced a bicycle pump it would have saved the State a fortune ! Job well done !

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    Mute Meehawwl O'Buachailla
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    May 14th 2016, 12:16 AM

    I wonder was it the cross-dresser?

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    Mute Dave
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    May 14th 2016, 12:21 AM

    Yes. It’s the guy who started all this.

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    Mute paddy
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    May 13th 2016, 10:37 PM

    Yeah right

    15
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    Mute Dubabroad
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    May 13th 2016, 10:51 PM

    +234 area code.. Not dodgy at all, must be legit

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    Mute meerkat
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    May 13th 2016, 11:25 PM

    Probably got a shot on winning streak

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    Mute Dave
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    May 13th 2016, 11:45 PM

    Tough luck Patrick.

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    Mute Bill Board
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    May 14th 2016, 9:08 PM

    Young Patrick hutch arrested his brother is the deceased brother Gary “2 KNOWN POLICE INFORMERS” + there father so 3!!! The other arrested was aka MAGO gatley a man who could not leave the hutch faction because they knew he had police informed for previous years and they were going to expose them as a known police informer!!!! Time for the old hutch to get onto there HANDLERS to get the lads out of this

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    Mute james mc donagh
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    May 14th 2016, 11:32 AM

    Great news. Take everyone of those rats off the street,, either in cuffs or a bag…

    5
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