The recent trading updates of Associated British Foods (ABF), Penneys’ parent company, offer a timeline of the Covid-19 crisis.  The first update on February 24 was worried about interruption to ABF’s Chinese supply chains. The company said there was “risk of supply shortages on some lines”, but that it had built up inventory and was essentially in a good position. Afterwards, the share dipped two per cent. On March 14, ABF released a second, darker trading statement. This one announced 20 per cent of Primark shops were to close, representing 30 per cent of selling space. After a thirty minute…

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