Purfleet’s Carpetright to close 92 stores and cut 300 jobs

PURFLEET-BASED Carpetright says it is closing 92 stores and cutting 300 jobs as part of a restructuring plan.

The retailer recently started talks with lenders to ensure it does not breach the terms of its bank loans.

The chain is planning a company voluntary arrangement (CVA) that will allow it to shut the worst-performing stores and ask for rent concessions on another 113 sites.

Carpetright, which has more than 400 UK shops, has been struggling with underperforming outlets which have made its rental costs harder to shoulder.

There have been similar, recent CVA arrangements at fashion retailer New Look and restaurant chains Jamie’s Italian, Prezzo and Byron.

Carpetright has alway shad a close relationship with Thurrokck. Not only are the headquarterts in Purfleet but founder,, Lord Harris is the backer of a number of Harris Academy schools in Chafford Hundred.

http://www.bbc.co.uk/news/business-43737262

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