B&Q to close 60 shops across Ireland and UK
Parent firm Kingfisher announced plans today
The owner of the B&Q chain has announced plans to close 60 of the DIY stores across the UK and Ireland over the next two years after its annual profits fell £75m last year.
B&Q owner Kingfisher also announced that Kevin O'Byrne, chief executive for B&Q UK & Ireland, would leave the firm on May 15.
Its parent company Kingfisher, which operates in Ireland, the UK and mainland Europe, said the closures would affect poor-performing stores in the UK and Ireland and added that around 600 jobs are at risk.
"Kingfisher has said for some time that B&Q UK and Ireland can adequately meet local customer needs from fewer stores and that some of the store should be smaller," it said.
The planned store closures form part of a plan by new Chief Executive Veronique Laury to shake-up the 360-store B&Q business and will represent about 15 percent of the chain’s space.
Veronique Laury said the closure plan was one of a number of 'sharp' decisions being taken by the FTSE 100 company.
She added: "Home improvement is a great market with huge potential and Kingfisher has a strong position within it with further scope to grow in a sustainable way.
“However, it is clear to me that we need to organise ourselves very differently to unlock our potential."
Kingfisher made a pretax profit of £675m in the year to January 31st. That was in line with analysts’ average forecast of £674m but down from £744m a year earlier.