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
Vegans in Chester can rejoice at the opening of Vegan Deva, a new cafe an shop that is designed to appeal not only to diners but also to vegans whose lifestyle choices extend beyond food.
Derbyshire’s budget supermarket shoppers will have another store to choose from soon. According to the Derby Telegraph, German retail giant Aldi is planning to open a store at a new retail park situated just twenty minutes’ drive from Derby city centre.
Beauty brand L'Occitane and fashion chains Fat Face and Moss Bros are setting up shop in or around Westgate Centre, in Oxford’s city centre.
Fashion and homeware Matalan diversifies its offer by launching a new online store: Matalan Direct, which focuses on home furniture only.
