Kingfisher to close 60 B&Q stores following DIY sales dip
B&Q is to close 60 stores which is estimated to push 3,000 jobs at risk as a result of slow DIY sales.
The decision has been taken by Véronique Laury, the new chief executive of the retailer's parent company, Kingfisher, after reporting a 7.5 per cent fall in annual profit, with six other stores set to shrink in size also.
Of the staff at risk, the company hopes to relocate half into existing stores and 900 in sister retailer, Screwfix.
Meanwhile, Kevin O’Byrne CEO for B&Q UK and Ireland is to leave the business on May 15.
Kingfisher made a pre-tax profit of £675m pounds during its last financial year ending 31 January.