Thornton’s and Carpetright forced to slash branches
Thornton’s and Carpetright have emerged as the latest high street retailers to be laid low by the downturn, after both stores announced plans to slash their UK branches in response to plunging profits.
It will see Thorntons close between 120 and 180 of its 227 franchises in a programme of retrenchment whilst around 100 of Carpetright’s 559 outlets are also thought to be facing the chop.
The cloth cutting has been prompted by a need to trim costs following a series of profit warnings from the retailers, who have each been looking to update their business models to take account of what they perceive as permanent changes to the High Street.
This will see an increasing focus placed on online sales alongside reduced dependence on seasonal offers in a bid to remain solvent.
Both retailers travails follow hot on the heels of the demise of fashion retailer Jane Norman, which went into administration yesterday, and department store TJ Hughes which is expected to follow shortly.