Some Carpetright stores in south London are among the 92 set to be shut and 300 jobs will be lost amid major restructuring plans.
The floor coverings retailer, which was founded in 1988, has already stopped trading at 11 of its stores which span across England, Scotland, Wales, and Northern Ireland.
It becomes one of the latest businesses to fall under severe financial pressure after similar moves were taken by both Maplin and Toys ‘R Us.
Wilf Walsh, Carpetright’s chief executive, said: “These tough but necessary actions will enable us to address the burden of a legacy UK property estate consisting of too many poorly located stores on unsustainable rents, and are essential if we are to restore our profitability and deliver a successful turnaround.
"We will remain in close contact with all colleagues to keep them fully informed as we move through this process.”
The firm, who has 409 shops across the United Kingdom, is planning for a company voluntary agreement (CVA) which is a form of insolvency that protects a business from collapse by cutting costs.
It is said the CVA will help to ‘address the competitive threat from a position of strength’.
Now landlords will vote on the plans later this month (April 26) before shareholders give their views a few days later on April 30.
These three Carpetright stores in south London are on the full list of shops planned for closure:
- Catford, Lewisham
- Putney, Wandsworth
- Thornton Heath, Croydon
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