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.
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Kingfishers is adapting to new DIY habits and, while closing B&Q stores, the retailer plans to increase the Screwfix outlets network.
For a question of image, most luxury brands don’t tend to reduce prices for their collections. So after a few private sales and some resale abroad, articles are simply destroyed, recycled or incinerated.
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.
The retail sector in the UK suffered another blow with the announcement of the closure of the well-known toy supplier Toys R Us. With the loss of 3,200 jobs across the country. The economy will no doubt be felt keenly this year.
