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Premier Investments Limited (ASX: PMV) share price is storming higher on Thursday despite the release of a disappointing announcement.
At the time of writing the retail conglomerate’s shares are up over 5% to $10.82.
What did Premier Investments announce?
Premier Investments has become the latest company to stand down its employees in response to the escalating
This follows moves by
Accent Group Ltd (ASX: AX1), Lovisa Holdings Ltd (ASX: LOV), and Mosaic Brands Ltd (ASX: MOZ) this week.
The company explained: “As a result of the escalating COVID-19 outbreak, the Australian Government and the various Australian State Governments have requested that everyone stay at home other than in certain limited circumstances.”
“Premier Investments Limited supports the position of the Prime Minister, the State Premiers and Chief Medical Officers that all Australians must do everything they can to stop the spread of COVID-19, including the various protective measures issued by the National Cabinet.
These extraordinary steps have been deemed necessary by governments to limit the spread and minimise the impact of the pandemic,” it added.
Pictures: Coronavirus (COVID-19) outbreak around the world
A woman wearing a protective mask walks by a shop with bears installed in line to show social distancing in Paris, France, on March 24. French President Emmanuel Macron urged employees to keep working in supermarkets, production sites and other businesses that need to keep running amid stringent restrictions of movement due to the rapid spreading of the new coronavirus in the country.
A worker wearing a protective face mask during the coronavirus disease (COVID-19) outbreak, attaches prayer petitions, with names written on cards, to lotus lanterns in preparation of the upcoming birthday of Buddha at a temple in Seoul, South Korea, on March 25.
U.S. President Donald Trump speaks with Fox News Channel Anchor Bill Hemmer during a Fox News Channel virtual town hall, at the White House, on March 24, 2020, in Washington, D.C., as Vice President Mike Pence, Dr. Deborah Birx, White House coronavirus response coordinator and Surgeon General Jerome Adams look on.
People wearing protective face masks due to the outbreak of coronavirus disease (COVID 19) take pictures of an Omega clock, which was previously used as a countdown clock for the Tokyo 2020 Olympic Games and currently displaying current time and date, after the announcement of the games’ postponement to the summer of 2021, in Tokyo, Japan, on March 25.
A church in Cremorne with a sign suspending services but urging more prayers in Sydney, Australia on March 25. Prime Minister Scott Morrison announced further restrictions on March 24, as the country tries to stop the spread of COVID-19.
A soldier inspects beds for treatment of possible COVID-19 infected patients inside the Belgrade Fair, Serbia, on March 24.
Closed notices relating to the COVID-19 virus are seen outside the entrance to the Auckland War Memorial in Auckland, New Zealand on March 25. The country will go into lockdown from 11:59 p.m. from March 25, as the COVID-19 alert level rises to four.
A view shows almost empty roads during a lockdown to limit the spreading of coronavirus (COVID-19), in Ahmedabad, India, on March 24.
A view of the empty roads due to the partial curfew imposed as a precaution against coronavirus (COVID -19) in Khartoum, Sudan on March 24.
Yoshiro Mori, president of the Tokyo 2020 Olympic Games Organizing Committee (L), and Toshiro Muto, CEO of the committee, attend a news conference after a telephone meeting with IOC President Thomas Bach (not in picture), while the spread of coronavirus (COVID-19) continues, in Tokyo, Japan after the 2020 Tokyo Olympics were officially postponed to 2021 on March 24.
People practice social distancing as they sit on chairs spread apart in a waiting area for takeaway food orders at a shopping malls amid coronavirus (COVID-19) scare in Bangkok, Thailand on March 24.
American Airlines passenger planes crowd a runway where they are parked due to flight reductions to slow the spread of coronavirus (COVID-19), at Tulsa International Airport in Tulsa, Oklahoma, U.S. on March 23.
A closed Luna Park window is seen on March 24 in Sydney, Australia. Non-essential travel has been banned in a bid to stop the spread of coronavirus (COVID-19) in Australia while venues such as bars, clubs, nightclubs, cinemas, gyms and restaurants, along with anywhere people remain static are now closed.
Chinese tourists wear protective masks as they visit the almost empty, but recently re-opened, Badaling Great Wall in Beijing, China on March 24.
Prime Minister Jacinda Ardern briefs the media about the novel coronavirus during a press conference at the Parliament in Wellington, New Zealand, on March 24.
People wearing facemasks queue outside a shop at Pugoda on the outskirts of Sri Lanka’s capital city Colombo on March 24, as the authorities briefly lifted a curfew to allow residents to stock up on essentials amid concerns over the spread of coronavirus (COVID-19).
South Korea’s Prime Minister Chung Sye-kyun (C) presides over a daily meeting of the Central Disaster and Safety Countermeasures Headquarters on COVID-19 amid the ongoing coronavirus pandemic, in Sejong, central South Korea, on March 24.
French visitors talk on the phone and wave at friends on board the MSC Magnifica, which is berthed at the Fremantle Passenger Terminal in Australia on March 24. The MSC Magnifica arrived on the morning of March 24 as the police and border force officers monitored the ship amid concerns over COVID-19 to ensure neither the crew nor passengers disembarked while the ship refueled.
Football Federation Australia (FFA) Chief Executive Officer James Johnson speaks to the media during a press conference in Sydney, Australia, on March 24. Johnson said that the rest of the A-League soccer season has been suspended due to the coronavirus pandemic.
A volunteer sprays disinfectant in an effort to curb the spread of coronavirus outbreak, in Peshawar, Pakistan, on March 23.
A soldier guides passengers arriving from Turin and Milan by train at the Naples Central station as they wait to get their self-certification documents checked, in Italy on March 22.
A man walks around a local park in Weehawken, New Jersey, U.S., on March 22.
Passengers ride a subway after the city’s emergency alert level for COVID-19 was downgraded, in Shanghai, China, on March 23.
People sit on social distancing benches at a bus station in Thailand on March 22.
Workers spray disinfectant solution near a Simón Bolívar Statue in Caracas, Venezuela, on March 22.
An empty avenue is seen after the government of Guatemala announced curfews in Guatemala City, on March 22.
A man plays guitar and sings to his neighbors from his balcony two days after California’s Governor Gavin Newsom implemented a state wide “stay at home order” in Oakland, California, U.S., on March 21.
Australian senators practice social distancing as they attend a scaled-down session in the Senate chamber at Parliament House in Canberra, Australia, on March 23.
U.S. President Donald Trump speaks during a COVID-19 task force briefing at the White House, in Washington, D.C., U.S, on March 22.
A general view of deserted roads is seen during a one-day Janata (civil) curfew near Chhatrapati Shivaji Maharaj International Airport in Mumbai, India, on March 22.
Trajineras (boats) are parked in Xochimilco due to a lack of clients as Mexico’s health ministry urged people to maintain a “healthy distance” to avoid infection, in Mexico City, Mexico, on March 21.
DJ and event producer Nash Petrovic live streams a set from his roof in Brooklyn, New York, U.S., on March 21.
A health worker wearing a facemask checks the body temperature of passengers leaving from the airport in Kathmandu, Nepal, on March 22.
Workers in protective suits walk on the street during the national quarantine in Caracas, Venezuela, on March 21.
Journalists practice social distancing outside a meeting to wrap up work on coronavirus economic aid legislation in Washington, D.C., U.S., on March 21.
People line up to enter a supermarket, after Bolivia’s interim government announced a countrywide mandatory quarantine for 14 days in La Paz, Bolivia, on March 21.
A view of an empty Bondi Beach in Australia after authorities closed the popular spot on March 22.
People applaud during the inauguration of the intensive care tent of a newly operative field hospital, financed by U.S. disaster relief NGO Samaritan’s Purse, for coronavirus patients, in Milan, Italy, on March 20.
A customer wearing a face mask stands next to partially empty shelves of instant noodles at a supermarket, following COVID-19 outbreak, in Taipei, Taiwan, on March 21.
Health workers wearing facemasks spray disinfectant at the corporation office in Chennai, India, on March 20.
Health services staff members protest outside the Txagorritxu Hospital demanding more protection equipment, after a Spanish nurse died the previous day from COVID-19, in Vitoria, Spain, on March 20.
A man wearing a face mask directs the homeless for food donations, a day after California’s Governor Gavin Newsom implemented a statewide “stay at home order” directing the state’s nearly 40 million residents to stay in their homes for the foreseeable future in the face of the fast-spreading coronavirus disease, outside the Glide Memorial Methodist Church in San Francisco, California, U.S., on March 20.
A sign urging commuters to avoid gatherings, reduce crowding and to wash hands is seen in the Brooklyn borough of New York City, New York, U.S., on March 19.
A restaurant is seen empty amid the COVID-19 outbreak in São Paulo, Brazil, on March 19.
An airport security worker wearing protective gear looks at a screen showing international departures at the Shanghai Pudong International Airport in China on March 19.
Canadian Border Services Agency officers stand in front of two closed checkpoints after it was announced that the border would close to “non-essential traffic” to combat the spread of novel coronavirus disease, at the U.S.-Canada border crossing at the Thousand Islands Bridge in Lansdowne, Canada, on March 19.
City workers wearing protective suits disinfect a street in Manila, Philippines, on March 19.
A woman carries out an exercise class for her neighbors from her balcony while they cannot leave their homes due to the coronavirus disease outbreak, in Rome, Italy, on March 18.
The statue of Christ the Redeemer is lit up in the colors of the countries that are affected by the coronavirus outbreak, in Rio de Janeiro, Brazil, on March 18.
A worker wearing a protective suit disinfects a customer’s hands at the entrance of a public market in Caracas, Venezuela, on March 18.
A sign that reads “Items per customer limited to 3” is seen in a supermarket, as the government announced measures to alleviate the effect of the deadly virus, in Antiguo Cuscatlán, El Salvador, on March 18.
A commuter wears a mask as a precaution whilst travelling on an underground metro train in the morning in central London, England, on March 18.
People, wearing face masks as a preventive measure, wait to cross a road in Bangkok, Thailand, on March 17.
A man waits for his flight as he wears protective mask, at the airport in Málaga, Spain, on March 17.
Canada’s Prime Minister Justin Trudeau speaks with G7 leaders during a teleconference while under self-isolation, due to his wife Sophie Grégoire Trudeau testing positive for COVID-19, in his home at Rideau Cottage in Ottawa, Canada, on March 16.
Expatriates returning from Egypt, Syria and Lebanon arrive to be re-tested at a health ministry containment and screening zone for COVID-19, in Kuwait City, Kuwait, on March 16.
Local workers clean the streets as a precautionary measure in Concepción, Chile, on March 16.
A resident wearing a facemask walks past a graffiti of Buddha wearing a facemask, in Mumbai, India, on March 16.
A worker in a protective suit sprays disinfectants near Al-Abbas shrine as a precaution against the outbreak of coronavirus, in the holy city of Karbala, Iraq, on March 15.
A worker closes a restaurant early due to COVID-19 related restrictions in the French Quarter neighborhood of New Orleans, Louisiana, U.S., on March 15.
A deliveryman rides an electric scooter in the empty Larios street during the partial lockdown as part of a 15-day state of emergency to combat the COVID-19 outbreak, in Malaga, Spain, on March 15.
Police officers and troops are seen wearing face masks as they stand guard at a checkpoint in the outskirts of Metro Manila, Philippines, on March 15, as authorities began implementing a lockdown in Manila.
A woman has her body temperature checked at an outpatient hospital in Moscow, Russia, on March 14.
A student demonstrates how to wash hands during an awareness campaign about COVID-19 at a school in Chennai, India, on March 14.
A girl leans out of a window to applaud in Milan, Italy, on March 14, as a sign of solidarity in response to calls circulating on social media for people to ”gather” on their balconies at certain hours, either to play music or to give each other a round of applause.
Firefighters disinfect a street in western Tehran, Iran, on March 13.
The Eiffel Tower is seen next to a board that reads: “In the context of the COVID-19 the Eiffel Tower closes today from 9pm for an indefinite period of time” in Paris, France, on March 13.
People hoping to leave Manila before it is placed on lockdown flock at a bus station in Quezon city, Metro Manila, Philippines, on March 13.
U.S. House Speaker Nancy Pelosi delivers a statement on a coronavirus economic aid package ahead of a vote in the House of Representatives at Capitol Hill in Washington, U.S., on March 13.
Peru’s Alianza Lima and Argentina’s Racing Club play the Copa Libertadores match at the Presidente Perón Stadium in Buenos Aires, Argentina, on March 12. The match was played in an empty, closed-door stadium as part of the government’s measures to contain transmission of coronavirus.
A misting machine sprays anti-septic solution to prevent the spread of COVID-19 at a public school in Marikina, Philippines, on March 13.
A general view of the pit lane as the Australian Grand Prix was cancelled after a McLaren team member tested positive for coronavirus in Melbourne, Australia, on March 13.
A nearly deserted view of the Red Fort complex as people avoid crowded places in New Delhi, India, on March 12.
People coming from Venezuela with protective face masks as a precautionary measure to avoid contracting the virus, show their documents on the border at Simon Bolivar International Bridge, in Cucuta, Colombia, on March 12.
People line up to purchase goods at a downtown Trader Joe’s as more cases of COVID-19 were confirmed in Manhattan, in New York City, New York, U.S. on March 12.
Customers shop inside a wholesale store as measures were put in due to coronavirus (COVID-19) concerns, in San Salvador, El Salvador, on March 11.
Cleaning crew have their masks wiped down after they come out of Life Care Center of Kirkland in Washington, U.S., on March 11.
Employees from a disinfection service company sanitize a subway car depot amid coronavirus outbreak in Seoul, South Korea, on March 11.
A COVID-19 testing center at the Reactivating the Repat Hospital is seen on March 11 in Adelaide, Australia. Patients book ahead, then arrive and stay in their vehicle and wait to be swabbed by nurses before driving off. Test results are then sent to the patient’s GP later.
Chinese President Xi Jinping learns about the hospital’s operations, treatment of patients, protection for medical workers and scientific research at the Huoshenshan Hospital in Wuhan, China, on March 10.
Palestinian workers disinfect a public park in Gaza City, Gaza, on March 10.
Race goers use hand sanitiser installed at Cheltenham Racecourse in Cheltenham, England, on March 10.
Voters arrive with masks at Warren E. Bow Elementary School in Detroit, Michigan, U.S., on March 10.
A health worker sprays disinfectant outside the Temple of Literature in Hanoi, Vietnam, on March 10.
A woman wearing a protective face mask walks on an almost empty street in Yokohama, Japan, on March 10.
Passengers of the cruise ship Grand Princess look from the balconies of their cabins as tests for COVID-19 are conducted and arrangements are made to offload passengers while the vessel docks at the Port of Oakland, California, U.S., on March 9.
South Korean army soldiers spray disinfectant on a street in Seoul, South Korea, on March 9.
A mask-clad worker disinfects an area in New Taipei City, Taiwan, on March 9.
A steward walks inside the Allianz Stadium before the Serie A match between Juventus F.C. and Inter Milan was being played behind closed doors, in Turin, Italy, on March 8.
People in face masks walk on St. Peter’s Square as Pope Francis delivers his weekly Angelus prayer via video, due to coronavirus concerns, in Vatican City on March 8.
Protesters are sprayed with disinfectant during a rally demanding women’s right on the occasion of International Women’s Day at Tahrir Square in Baghdad, Iraq, on March 8.
The U.S. White House coronavirus response coordinator Dr. Deborah L. Birx attends a press briefing, as Vice President Mike Pence looks on, in the White House on March 2. As of March 3, six people had died in the state and at least 100 confirmed cases were reported across the country.
A Brazilian scientists, who is among those that concluded coronavirus DNA sequencing, inserts a tube into a portable device connected to a computer that decodes virus DNA, at the Tropical Medicine Institute of the São Paulo University Medical School in Brazil on March 2.
Rescue workers wearing masks and protective clothing check a man’s temperature during a mock drill on handling suspected carriers of the coronavirus, in Peshawar, Pakistan, on March 2.
Bruce Aylward of the World Health Organization (WHO) attends a news conference on the WHO-China Joint Mission on coronavirus in Beijing, on Feb. 24.
A reveler wears protective face mask at the Venice Carnival, the last days of which were called off after third death was reported in the country, in Italy on Feb. 23.
Buddhist monks wearing protective face masks pray during a blessing ceremony for the people affected by the COVID-19 outbreak, at a temple in Kuala Lumpur, Malaysia, on Feb. 22.
U.N. Secretary General António Guterres speaks during an update on the situation at the WHO headquarters in Geneva, on Feb. 24.
Members of Red Cross board a Colombian Air Force plane that will evacuate the citizens from coronavirus-hit China, at the CATAM military base in Bogota, Colombia, on Feb. 22.
Beds are set up at an exhibition center, which was converted into a hospital, in Wuhan on Feb. 4.
100/100 SLIDES When is Premier Investments closing stores?
Premier Investments will temporarily close all retail stores in Australia from 6pm (local time) on March 26 until 9am (local time) on April 22.
This follows similar decisions the company has been forced to take in New Zealand, the United Kingdom, and Republic of Ireland.
Globally these closures will impact over 9,000 of its employees.
Premier Retail CEO, Mark McInnes, has voluntarily decided to work from home without pay or any other entitlements for the period of the shutdown.
In addition to this, the entire Just Group executive team have been stood down and have agreed to work from home when required with either no pay or reduced leave entitlements.