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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One of the largest empty shops in Chester is at last being brought back into use. The New Look store, which closed in 2017, will be transformed into a major store for the British Heart Foundation (BHF) charity.
The Sainsbury's company is testing a system to eliminate all food wastage in one of its supermarkets. Having donated part of its foodstuffs, the rest is recycled to cover the store's energy needs.
Plant & Paint is an impressive up-and-coming craft store and local Hull residents will be pleased to learn that this bespoke franchise has recently made its presence known within Hulls Fruit Market.
