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Tribune News Service
Tribune News Service
Business
George Avalos

Coronavirus: Apple will shut retail stores until further notice

CUPERTINO, Calif. _ Apple will shut down its retail stores until further notice, the tech titan said Tuesday, marking a dramatic change from its previous plan to reopen closed stores before the end of March.

The iPhone maker posted the information on its website on Tuesday.

"Our retail stores are closed until further notice," Apple said in a brief post on the tech titan's site.

Previously, as recently as Saturday, Apple had said the store shutdowns outside of China would extend only until March 27, at which point the affected stores would reopen.

Now, that shutdown has been extended indefinitely.

The only Apple stores that have reopened, at present, are in what Apple describes as "Greater China," according to Apple. Those stores opened again on March 13.

Apple also said its donations "to help treat those who are sick and to help lessen the economic and community impacts" have reached $15 million.

Since Feb. 12, when Apple shares closed at a 52-week high of $327.20, the company's stock has nosedived amid the coronavirus panic, plunging about 24% in those recent weeks.

Apple's stock jumped on Tuesday, rising more than 3% and outpacing the gains on the S&P 500 Index for the day.

Analysts from investment firms Morgan Stanley and Jefferies cut their price forecasts for Apple on Tuesday. However, the analysts also said the longer-term Apple outlook remains solid and that the company is a strong investment after the virus woes ebb.

"In our workplaces and communities, we must do all we can to prevent the spread of COVID-19," Apple Chief Executive Officer Tim Cook tweeted on March 13.

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