This time, the bad news come from home improvement retailer B&Q. On 20th March 2019, it emerged that this DIY chain store would be reducing the number of shops it currently has in the UK. B&Q representatives confirmed that a total of 15 shops will be closing over a period of 2 years.
It appears that the decision to close some of B&Q’s locations is connected to the company’s poor financial results. After reviewing its figures in January 2019, B&Q’s parent company Kingfisher reported a significant decline in pre-tax profits, which dropped by more than 50 per cent over the past year, as well as a 3 per cent drop in sales.
B&Q is also experiencing some internal turmoil following the anticipated resignation of its current CEO, Veronique Laury. Recently, the multinational retailer confirmed that it is actively looking for a new CEO, although it did not offer any names as to who will be Laury's successor.
Also in March, Kingfisher announced the closure of other retail outlets not only in the UK, but also in France, Romania, and Germany. But although some B&Q stores will be closing across Britain, Kingfisher plans to increase the UK presence of tools and hardware retailer Screwfix, which is the group’s best-performing company. Previous plans to establish 700 Screwfix outlets in the UK have been modified to reach 800 stores.
News in the same category
Argos launched the first click & collect service 15 years ago. Now, they're the first high street retailer to offer a same-day delivery service nationwide, just in time for the festive season spree.
The Lidl company has recently submitted an application to the South Gloucestershire Council. It’s seeking permission to open yet another store on Longwell Green in Bristol.
Sainsbury's currently testing a new layout in six supermarkets in the UK. The goal is to make shopping even more easy and fast.
One of the largest empty shops in Chester is at last being brought back into use. The New Look store, which closed in 2017, will be transformed into a major store for the British Heart Foundation (BHF) charity.
