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
At first read, the headline seems to bode more gloom and doom for the UK retail sector, but all is not as it seems. M&S are in the midst of a major restructuring programme, which has already seen the closure of 35 stores in 2018.
The Toys R Us Coventry store may be safe from the company's planned closures in the UK.
It took a long time, but the information is now confirmed: Waitrose is due to open its first store in Leatherhead in 2016.
Since first opening in June 2017, the new Norfolk Premium Outlets mall has quickly established itself as a prime shopping location with a host of well known, top quality brands among the fifty shops that are currently open.
