- Kitchens retailer Magnet is to close 15 "underperforming" stores as part of a Company Voluntary Arrangement (CVA) aimed at restructuring its financial position.
- The CVA seeks to address unsustainable property costs and ensure the long-term health of the Magnet Group.
- Although the exact number of affected employees was not disclosed, Magnet confirmed that staff would be supported and offered alternative roles where feasible.
- The majority of Magnet's 159 outlets will continue to operate, as they are not impacted by these restructuring plans. The proposals, which require creditor approval, are intended to create a stronger, more resilient business, and customer orders from closing stores will be transferred to the nearest alternative branch.
- Full list of stores closing: Andover, Birmingham Minworth, Blackburn, Bridgwater, Brighton, Colwyn Bay, Dorking, Farnborough, Ramsgate, Romford Trade, Stirling, Stockton, Watford, Weymouth and York Trade.
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