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
London beauty retailers may have to up their game with the news that Tom Ford has chosen to launch his first beauty shop in London.
B&M Express is a retail store that was formed in the year 1978 by Malcom Billington. The store was first referred to as Billington & Mayman before its name was shortened to B&M store.
Music has often taken influences from the past and now this retro trend has been extended to how to listen to music with an unexpected upsurge in the popularity of vinyl records.
Having opened a new store in London, Microsoft now has a brick-and-mortar setup for the first time in Europe. It's located right in the centre of West End, London on Oxford Circus corner – a spot that is frequented by close to 600,000 people every day.
