Pirate FM News

Carpetright to axe 300 jobs and close 92 stores

carpet right bodmin

Published by the Pirate FM News Team at 8:24am 12th April 2018. (Updated at 8:53am 12th April 2018)

Carpetright has said it is closing 92 stores which will result in 300 job losses as it fights for survival under a sweeping restructure.

The beleaguered retailer, which employs 2,700 people in the UK, said 11 of the sites earmarked for closure had already stopped trading.

It has five stores in Cornwall, in Bodmin, Camborne, Launceston, St Austell and Truro.

There is no word on which ones will be closing yet.

The move follows a review of its property portfolio which found 205 sites were underperforming or on unfavourable lease terms.

Carpetright said it hoped to relocate affected staff - and said rent would be slashed on the other 113 sites under the rescue plan.

Wilf Walsh, chief executive of Carpetright, said: "These tough but necessary actions will enable us to address the burden of a legacy UK property estate consisting of too many poorly located stores on unsustainable rents, and are essential if we are to restore our profitability and deliver a successful turnaround.

"We will remain in close contact with all colleagues to keep them fully informed as we move through this process."

Carpetright, which trades from 409 shops across the country, revealed last month that it was exploring a strategy to get back on its feet after battling difficult trading conditions.

It also warned it was likely to report a loss for the year to 28 April and was looking at a range of options to beef up its balance sheet.

Mr Walsh blamed previous bosses of the company for pursuing an "aggressive store opening strategy".

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