Newspaper article Evening Gazette (Middlesbrough, England)

B&Q to Close Up to 60 Stores in Two-Year Restructure Plan

Newspaper article Evening Gazette (Middlesbrough, England)

B&Q to Close Up to 60 Stores in Two-Year Restructure Plan

Article excerpt

HOME improvement chain B&Q is to close as many as 60 stores over the next two years as part of a restructuring of its UK and Ireland business.

e retailer employs hundreds on Teesside at stores, including Stockton's Portrack Lane, Cleveland Retail Park in Middlesbrough and Darlington and Hartlepool.

Parent company Kingsher, which also owns Screwx, plans to axe about 15% of surplus space as a result of the review of its 360-strong B&Q estate. e company has two of its larger "warehouse" outlets at Cleveland Retail Park, in Middlesbrough, and Portrack, in Stock-brough, Stock ton. It also has a store in Hartlepool and two in Darlington. e rm has not yet said which stores may close.

e move was announced as it posted a 7.5% drop in annual prots to PS675m after sales fell by 1.4% to PS11bn in the year to January 31.

Kingsher, which also trades in France through Castorama and Brico Depot, has already agreed to sell a controlling stake in its loss-making China business as it looks to focus on its core European market. …

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