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
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.
Designer furniture brand Loaf is to open a new store in Bristol, their eighth outlet in the UK. Prior to October 2015 Loaf had been an online retailer, at which time they launched their first physical store in Battersea in London.
The struggles faced by Marks and Spencer in the competitive UK retail market have been well documented and their most recent economic results have added to their woes.
Christmas is once again on its merry way and festive markets have started opening to visitors across Britain.
