Apple is shutting all 42 of its retail stores in China

Apple is shutting all 42 of its retail stores in China, plus other corporate locations, for at least eight days as a result of the spreading coronavirus, the iPhone maker said on Saturday… Apple said its online stores would remain open and that it hoped to reopen its stores “as soon as possible”. Similar disruption is taking place across the country, freezing up parts of the tech supply chain and generating uncertainty… Factories that produce the iPhone, run by Taiwan’s Hon Hai Precision Industry, better known as Foxconn, are not affected by the move. The company saw its biggest share price fall in almost 20 years on Thursday… Apple described the move as voluntary, whereas earlier in the week Tesla said its Shanghai production factory would close for up to 1.5 weeks because of a “government-required factory shutdown.” Six Chinese provinces had earlier mandated that the return to work after the Lunar New Year be delayed by a week to February 10 for all but essential industries… Apple employs about 10,000 people in China and they will continue to be paid as normal. Apple declined to offer more detail on what the temporary closures would mean in terms of loss of revenues. 

Patrick McGee