- Topps Tiles has announced the closure of 23 stores, representing 7 per cent of its 319 outlets, citing a challenging home improvement market and rising operational costs.
- Eight of these underperforming stores have already ceased trading since last September, with the remaining 15 expected to shut over the next six months.
- The Leicestershire-based retailer stated these closures are part of 'significant self-help measures' and head office savings, aimed at boosting profit growth and strengthening its financial position by 2027.
- The company reported a marginal sales dip of 0.1 per cent to £142.7 million in the six months leading up to 28 March, though sales rose 2.1 per cent when excluding the CTD business.
- Topps Tiles also acquired the brand of collapsed rival Fired Earth for £3 million in December and is working to return its CTD acquisition to profit by 2025-26.
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