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
Pet lovers in Whitby will be pleased to hear that there is a new superstore now open in the town set to offer everything that their pets need.
A new Primark store has been announced for Manchester. It will be located in the Trafford Centre. Primark is a modern fashion store with all the latest in fashion and fashion goods.
Tutorials have become new communication medium for brands. With thousands of people following certain fashion or beauty bloggers, stores have given them the chance to create their own temporary collections.
In British culture, it is fair to say that M&S has long been regarded as the kind of food shop that you visit when you want to host or entertain in a slightly more upscale fashion than normal.
