DIY retailer Kingfisher is planning to close 60 B&Q stores in the UK and Ireland within the next two years. However, it intends to open 60 new locations under its Screwfix brand.
“Kingfisher has said for some time that B&Q UK & Ireland can adequately meet local customer needs from fewer stores and that some of the store should be smaller,” the company said in a statement, adding that Kevin O’Byrne, chief executive for B&Q UK & Ireland, would step down May 15. Kingfisher reported a pre-tax profit of GBP 644m for 2014, down 15.2 percent from the previous year.
The news comes shortly after it was announced that Kingfisher pulled out of a GBP 275m deal to buy its French competitor Mr. Bricolage. Antitrust regulators needed to approve the takeover, which was first announced last year, by the end of March, and Kingfisher said did not want to extend the term. Some Mr Bricolage shareholders reportedly opposed the deal. Kingfisher reported its sales in France fell by 6.6 percent last year, while sales in the Uk and Ireland increased by 5.4 percent.
