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
Homebase is set to close its store at Queen’s Drive, Nottingham, at the end of trading on the 14th December 2018.
Popular Swedish fashion brand Monki is opening up a new shop in Newcastles Eldon Square.
River Island is one of the most well known high street brands in the UK, usually associated with fashion. It has recently been announced that the brand is now offering a homeware range, similar to other popular high street clothing brands.
Vegan food come into it’s own in the East London district in the form of a new supermarket based at Homerton and named the Plant Based Supermarket which sells 100% vegan products.
