Jewellery retailer Lovisa forced to close UK stores due to new COVID-19 lockdown

Jewellery chain Lovisa has been forced to close its entire British network due to a new nationwide lockdown imposed to curb the rise of a more infectious strain of coronavirus.

In a statement to the Australian Securities Exchange on Tuesday, the Australian retailer confirmed 42 UK stores would be closed immediately following the tightening of restrictions that is prohibiting non-essential retail trading.

Lovisa’s share price in the early hours of the Tuesday trading day dipped 3.4 per cent to $11.25.

“As a result of the announcement by the UK government of a further lockdown in response to increasing COVID-19 cases, our 42 UK stores will be subject to temporary closure effective immediately, with the timing for reopening subject to further government advice,” the company said.

“All our other stores globally as well as our online business remain open and trading.”

The company’s UK and European stores have continued to be impacted by ongoing lockdown restrictions imposed by governments while the continent faces a persistent rise in the number of COVID-19 cases.

Britain has also been impacted by a mutated strain of the virus that is more infectious.

Lovisa on November 2 announced 40 stores closures in the UK because of the country’s imposed winter lockdown.

The company was also forced to close 24 French stores at the end of October last year because of the country’s second lockdown.

All Australian stores remain open.