Kitchens retailer Magnet is set to close 15 of its stores as part of a significant restructuring effort aimed at shoring up its financial position.
The company announced the closures of "underperforming" locations through a Company Voluntary Arrangement (CVA).
This proposed CVA is designed to "address property costs that are no longer sustainable," according to the firm.
While Magnet did not specify the number of employees who would be impacted by the closures, it stated that affected staff "will be supported throughout and suitable alternative roles within the business will be offered wherever possible."
The majority of Magnet's 159 outlets will remain operational and are not affected by these restructuring plans.
The proposals, which require creditor approval, will be overseen by Natasha Harbinson, Will Wright, and Chris Pole from advisory firm Interpath.
Sophie Rose, chief executive of Magnet Group, said: “This is a difficult decision and not one we have taken lightly, particularly where colleagues may be impacted.
“But taking this action now is the right thing to do for the long-term health of Magnet Group.
“It allows us to deal with property costs that are no longer sustainable and protect the stronger parts of our estate.
“I am confident these proposals will help Magnet Group build a stronger, more resilient business that is better placed to serve customers, support partners and return to sustainable profitability.”
Magnet said it will transfer any customer orders to the closest alternative store if their local site closes.
Which stores are Magnet closing:
Magnet will shut stores in the following locations:
- Andover , Hampshire
- Birmingham Minworth, West Midlands
- Blackburn, Lancashire
- Bridgwater, Somerset
- Brighton, East Sussex
- Colwyn Bay, Wales
- Dorking, Surrey
- Farnborough, Hampshire
- Ramsgate, Kent
- Romford Trade, Greater London
- Stirling, Scotland
- Stockton, County Durham
- Watford , Hertfordshire
- Weymouth , Dorset
- York Trade, North Yorkshire
