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
B&M return to Clifton Moor Retail Park in York after a four month absence following a fire which destroyed the previous store. B&M have offered jobs to all the employees from the former outlet, as well as creating 20 new jobs.
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 UK shoppers becoming ever more eco-conscious, it's not surprising that zero waste stores are gaining popularity.
Kingfishers is adapting to new DIY habits and, while closing B&Q stores, the retailer plans to increase the Screwfix outlets network.
