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Greggs' value dropped by £40 million today after the bakery chain was forced to close hundreds of locations in the United Kingdom due to major technological issues. Several Greggs stores around the UK were affected by IT issues, preventing some from accepting card payments, causing others to close and others to only accept cash. The London Stock Exchange's shares fell by 1.3 percent or 36 points from 2,830 at the previous close yesterday to 2,794 by 1pm today. This translated into a £40 million decline in company value, from yesterday's intraday market capitalization estimate of £2.87 billion to £2.83 billion at 1 p.m. today. Given that the average UK price for one was £1.20, the fall was the same as 33 million Greggs sausage rolls. However, the firm's share price recovered later in the afternoon to sit at 2,820 points, down by ten points or 0.35 percent on the previous day. Last year, the company, which is the UK's biggest fast food chain with 2,450 outlets, saw annual sales of £1.8 billion, compared to a daily average of £5 million.

After Greggs became the fourth major company to suffer an IT meltdown in less than a week, high street chains were urged today to upgrade their payment systems. Payment experts argued that if all retailers had to adequately address 'legacy problems' within their operating systems, they would suffer customer wrath. The warning came after Greggs stores around the UK experienced technical difficulties preventing them from accepting card payments this morning, prompting others to close. Many of the bakery chain's 2,450 stores were affected by IT outages, prompting some of them to display temporary 'closed' signs on their doors. Customers were advised to place orders outside of the Greggs mobile app before food could be delivered to them. Customers in London, Manchester, Cardiff, Newcastle, Leeds, and Sheffield were all affected, with customers complaining that they were unable to purchase products. After technical difficulties affecting both Sainsbury's and Tesco's last Friday, it was yet another IT failure to affect a major chain in recent days.

Customers reported that the bakery chain's stores were shut down across the United Kingdom due to a technical problem with card payments, causing Greggs to be hit by a major IT outage today. This morning, Hongry commuters reported closures in cities such as Cardiff, London, Manchester, and Newcastle, although other shops were open but only accepting cash. Some people bemoaned the lack of a morning cup of coffee, while others were concerned about employees baking inside stores that had temporarily closed' signs posted outside. We are currently having problems accepting payments in our stores,' Greggs told MailOnline today. We're trying to solve this as soon as possible.' It's the first IT failure to affect a major chain in recent days after technical difficulties affected Sainsbury's and Tesco on Saturday and McDonald's last Friday. A customer said: 'Hey, why are all the Greggs stores shut in Cardiff with temporarily closed signs on, but staff are inside baking?What time will they be open today?'Another tweeted: 'Why are all of the stores in Newcastle city centre closed?' A third edition was also added: 'Greggs closed in Manchester, and this may have sparked a riot.'

Retail experts have warned that other big stores are vulnerable to IT outages after McDonald's, Sainsbury's, and Tesco lost millions of pounds due to technical difficulties. On Saturday, Tesco and Sainsbury's were both affected by unrelated problems, and they were forced to apologize to upset clients who had been left without orders. And that came just one day after McDonald's later said sorry to customers last Friday after they were unable to order food due to an IT system outage in its restaurants. Following an overnight software upgrade, Sainsbury's shoppers were unable to make contactless payments, and the company could not meet the 'vast majority' of online orders. In the meantime, Tesco had to cancel several online orders scheduled for delivery on Saturday, although it is expected that only a small number of them were affected. Now, retail experts have cautioned that the IT issues highlight'the "independence of increasing reliance on emerging technology" and that "even large companies aren't immune from normal IT challenges."

More than 5,000 people in the United Kingdom reported that they were unable to log into their Outlook email system at 07:00 GMT (02:00 ET) and Downdetector.com, which monitors website outages, revealed that more than 5,000 people in the United Kingdom said they couldn't login to their Outlook email system. 'Investigating issues impacting multiple Microsoft 365 services,' Microsoft said. The tech giant later added that it had 'isolated the problem to networking configuration issues', but what exactly does that mean and what has gone wrong? MailOnline takes a look at what the internet has to offer.