Magnet has begun closing stores as part of its CVA proposal.
The chain has closed its Caxton Way, Watford branch as it begins to tackle what it claims are ‘no longer sustainable’ properly costs.
15 of its 159 units will shut. These are: Andover, Birmingham Minworth, Blackburn, Bridgwater, Brighton, Colwyn Bay, Dorking, Farnborough, Ramsgate, Stirling, Stockton and Weymouth. Trade outlets in Romford and York have also been identified for closure.
The stores no longer appear of the chain’s online store finder. The CVA is still awaiting creditor approval
‘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,’ says Sophie Rose, Magnet chief executive.
‘I am confident these proposals will help Magnet build a stronger, more resilient business that is better placed to serve customers, support partners and return to sustainable profitability.’
