Newspaper article The Evening Standard (London, England)

Dixons Retail Bids Adios to Spain as It Shuts Up Shop after 10 Years

Newspaper article The Evening Standard (London, England)

Dixons Retail Bids Adios to Spain as It Shuts Up Shop after 10 Years

Article excerpt

DIXONS Retail today announced its decision to quit Spain at a cost of [pounds sterling]30 million after 10 unhappy years on the Iberian Peninsula.

The group runs 34 PC City shops and a website in Spain which concentrate solely on the computing market. It employs just over 1360 people in the country.

Dixons declined to say how much money it had lost in Spain over the last decade, but in its trading updates for the last three years it has been warning how tough conditions had become there.

It said the closure is expected to take place by the end of this summer, but predicted that doing so would help boost its trading profit by around [pounds sterling]5 million a year.

Chief executive John Browett suggested the exit from Spain when Dixons issued its second profits warning this year last month, saying trading had not improved since Christmas. Same-store sale across the group had fallen 11% in the 11 weeks to the end of March, it said.

Sources close to the company said Dixons is not looking at pulling out of either Greece or Italy despite those countries suffering from similar tough consumer trading. …

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