Apple, which has just closed its retail stores worldwide to combat the spread of COVID-19, is in a non-Coronavirus-related financial predicament. France's antitrust watchdog has fined the iPhone maker a record 1.1 billion euros ($1.2 billion) for attempting to restrict the country's wholesale market and exploiting its reseller business.

In its written ruling, Autorité de la Concurrence alleged that Apple and two of its wholesale partners, Ingram Micro and Tech Data, had entered into agreements that prevented price competition between the Cupertino-based supplier and French resellers.

Apple's price-fixing system also inhibited top resellers from lowering their retail costs, which in turn affected Apple's best deals. If resellers offered discounts anyway, Apple could retaliate, according to the Autorité de la Concurrence.

The French watchdog also said Apple did not maintain fair distribution relationships with resellers. It was limiting the availability of devices at third-party retailers to encourage shopping at Apple stores. [Tech Data and Ingram Micro were fined $76 million and $63 million, respectively. Apple's "extraordinary dimension" contributed to its receipt of a $1.2 billion fine, the largest antitrust fine in French history.

The decision came at a dangerous time for Apple: not only was production of the iPhone 9 reportedly suspended, but the spread of the coronavirus forced Apple to close its stores indefinitely and hold its annual WWDC online.

In response to the news, a company spokesperson said, "The decision by the French competition authorities is discouraging. It relates to a practice that is more than a decade old, and it has destroyed 30 years of precedent on which all French companies rely, with an order that will cause disruption for companies in all industries."

The spokesman also confirmed that Apple plans to appeal the fine.