Inditex Writes Down Inventory and Postpones Dividend
- Coronavirus outbreak forces Inditex to close half its stores
- Revenue plummets 24% this month as consumers enter lockdowns
Pedestrians pass a Zara store in New York, on March 17.
Photographer: Demetrius Freeman/BloombergThis article is for subscribers only.
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Inditex SA said the coronavirus outbreak has forced the owner of the Zara and Massimo Dutti chains to shutter half its stores as the epicenter of the disease shifts from China to other key markets such as Spain and Italy.