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
When Tom Morris founded Home Bargains in 1976, he created one of the most lucrative businesses on the high street. Enjoying an envied 6th place in the 'Which?' Top 100 Stores list, the company employs 17,000 plus and sells 4,000 branded product ranges.
Vintage clothing shop 'American Madness' is to return to Belfast after a 20 year gap. Two sons of John Rogers - the original founder - have just re-launched the store that was first prominent in the early '80s.
With the run up to the holiday season approaching, the financial future is currently looking much brighter for Walmart.
Shoppers in Kent may be happy to hear that the budget retailer Primark have confirmed their plans to open a store in Bluewater shopping center, adding to their current seven stores in Kent.
