Kitchenware giant Magnet has confirmed plans to implement store closure
Another beloved retailer is preparing to leave the high street, announcing plans to close multiple stores in the weeks and months ahead.
Kitchen retailer Magnet has announced plans to shut 15 of its stores that are failing to perform as part of a significant business restructuring.
The business is pursuing a company voluntary arrangement (CVA) to help stabilise its financial position, with the proposed CVA specifically targeting property expenses that have become economically unviable.
Magnet stated that the closures form part of efforts to secure the group's long-term finances, with the restructuring designed to tackle rental and property obligations that the business can no longer sustain at current levels.
The vast majority of Magnet's 159 retail locations will remain unaffected by the restructuring and continue trading normally.
While the company has not revealed the number of employees who will lose their positions, it confirmed that impacted workers will receive support throughout the process, with alternative positions within the organisation made available where feasible.
The CVA proposals require approval from creditors before they can proceed.
Three professionals from advisory firm Interpath, Natasha Harbinson, Will Wright and Chris Pole, have been appointed to oversee the restructuring process and guide the company through the arrangement.
Sophie Rose, chief executive of Magnet Group, acknowledged the gravity of the situation, said: "This is a difficult decision and not one we have taken lightly, particularly where colleagues may be impacted."
She emphasised that acting now represents the correct course for the company's future.
Ms Rose added: "It allows us to deal with property costs that are no longer sustainable and protect the stronger parts of our estate."
The chief executive expressed confidence that the proposals would enable Magnet Group to develop into a more robust operation, better positioned to serve its customers, support business partners and achieve sustainable profitability going forward.
Here is a full list of the Magnet stores set to close in the near future: