Businesses including Arcadia, Frasers Group, Asda, Debenhams, New Look and Peacocks have all cancelled contracts in recent weeks as retailers grapple with the impact of the coronavirus pandemic.

Some retailers, such as Primark, have pledged to pay for their orders in a bid to support suppliers through the crisis.

Last week, the value fashion giant’s parent company, Associated British Foods, committed to shell out £370m for orders in addition to the £1.5bn of stock it already has in stores, depots and in transit.