Levi's Closes Half of Its Stores in China Due to COVID-19 Spread

[Asia Economy Beijing=Special Correspondent Park Sun-mi] The jeans brand Levi's has closed half of its stores in China in preparation for the spread of the novel coronavirus infection (Wuhan pneumonia).

On the 31st, Hong Kong's South China Morning Post (SCMP) reported that Levi's has closed half of its stores in China, including a large store opened in Wuhan last October due to the impact of the novel coronavirus. Levi's expects that the closure of stores in China could negatively affect the company's short-term performance. It added that the sales impact caused by the novel coronavirus is expected to be reflected in the fiscal year Q1 earnings report scheduled to be announced in April.

As the novel coronavirus spreads, global companies are taking measures to close stores in China one after another. Earlier, Starbucks temporarily closed more than half of its approximately 4,300 stores in China. Additionally, Swedish furniture retailer IKEA decided to temporarily suspend operations of all 30 stores it operates in China. Fast food chain McDonald's has suspended operations at about 300 locations in China, including Hubei Province.

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