Sportswear retailer Frasers will book a non-cash charge, potentially in excess of £100m, in its 2020-21 results to account for impairment of its assets during the latest Covid-19 lockdown, it said today.
Prime Minister Boris Johnson yesterday set out England's roadmap out of lockdown with non-essential stores not opening until April 12 at the earliest.
Frasers was formerly called Sports Direct and is controlled by Mike Ashley.
It said it anticipated making material accounting impairments to freehold properties, other property, plant and equipment, and other assets.
"Given the length of this current lockdown, potential systemic changes to consumer behaviour, and the risk of further restrictions in future, we believe this non-cash impairment could be in excess of £100m," it said.
While its shops have been closed, Frasers has been able to serve customers online.