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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Anyone who enjoys spending time at the Telford Shopping Centre will be happy to know about the new B&M store that is about to open.
Hobbycraft, the established chain of hobby supply stores, will be opening its first Northern Ireland location with Hobbycraft Newtownabbey. There are plans for a second store to follow.
The German discount chain, Aldi is set to open a new store in Doncaster. This new store, in the Armthorpe region of the town, will be Aldi's fifth store to open up in the South Yorkshire town.
Ness is opening its first store in Aberdeen. This will be the thirteenth location in the UK for the Scottish clothing retailer, and this is just the beginning.
