B&M European Value Retail S A : Britain's B&M shuts 49 UK stores due to coronavirus outbreak

British discount retailer B&M European Value Retail said on Wednesday it will temporarily shut 49 UK stores as the coronavirus pandemic affects its business.

The stores represent 3% and 2% of the company's annual revenue and store contribution core earnings, B&M said.

The company said employees at the affected stores were furloughed and other UK store and distribution workers will be paid 10% more to reflect the additional workload that the government guidelines impose.

(Reporting by Tanishaa Nadkar in Bengaluru; Editing by Ramakrishnan M.)