B&Q to close 1-in-6 stores
Kingfisher, the home improvement group, are having a huge shake-up and have decided to close 60 B&Q stores and will also be sacking their UK boss. New chief executive, Véronique Laury, is not pulling any punches.
The closures will come over the next two years, and of course, puts hundreds of jobs on the line. There's talk of minimal losses, as Kingfisher hope that many roles will be redeployed at other B&Q branches, however, that won't settle the nerves of the staff that are currently there, who will no doubt be updating their CVs over the Easter weekend.
That all said, Kingfisher are looking at opening 60 new Screwfix stores this year, so if you're a member of staff at a B&Q store, don't start calling your line-manager an arsehole just yet.
B&Q’s UK and Ireland chief executive, Kevin O’Byrne, will be leaving the company on 15th May and, announcing the closures, Kevin O’Byrne, Laury said a "very different" approach would be required by the company.
She said: "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."
"This will involve taking what is essentially a locally managed set of businesses and creating instead a single, unified company where customer needs come first. The first step in developing this new organisation is the creation of a new, international leadership team with more focused cross-company roles."
Annual profits fell £75million last year.