UK Electronics Chain Dixons to Close 100 Stores
Dixons has announced plans to shutter 100 of its locations in the United Kingdom.
Dixons, owner of PC World and Currys locations around the United Kingdom, is expected to close as many as 100 locations. Dixons has already closed 50 stores in the past year but it's thought that the company plans to close even more in an effort to cut costs. The news comes from Proactive Investors, which reports that the PC World and Curry's parent company is aiming to reduce the number of UK locations from 557 to between 400 and 420.
At its peak, Dixons had a total of 700 locations. The Telegraph cites CEO of Dixons PLC, Sebastian James, as saying the dynamic of the high street is changing, and that the high street is no longer the place for retailers like Dixons.
"The high street will no longer so much be for players like us, it'll be for restaurants and leisure. I really hope they can be fun buzzy places, but they might not be where people go to shop," he said.
Dixons also reported financial results today, with group like-for-like sales falling 3 percent for the full year, but up 5 percent in the final quarter. The 3 percent decline put like-for-like sales at £8.19 billion (compared to £8.15 billion last year). The company saw growth across most markets, particularly in the UK and Northern Europe. Total pre-tax losses were listed at £118.8 million, compared to pre-tax losses of £224.1 million for last year.