Boots' US owner mulls over 200 store closures.
Byline: SEB MCCARTHY @SebMcCarthy
BOOTS, Britain's largest chain of chemists, looks set to become the latest victim of high street turmoil as its US owner eyes several hundred store closures.
Walgreens Boots Alliance (WBA), the retailer's US parent, is said to be looking at bringing down the shutters on more than 200 of its 2,485 Boots outlets across the UK over the next two years, Sky News reported yesterday. A significant number of stores at the retail group could be axed under the American owner's major restructuring plans, less than a month after the firm's latest accounts showed that profits at Boots UK stores had plunged 18.3 per cent last year.
A Boots spokesperson said: "We cur-rently do not have a major programme envisaged, but as you'd expect we always review underperforming stores and seek out opportunities for consolidation." As part of its drive to save money, Boots told employees in February that it planned to cut up to 350 jobs from the company's head office in Nottingham.
Last month, WBA announced it was undertaking a review of its Boots estate, with the business "focusing on low-performing stores".
Competition from online rivals has hit sales at Boots, with revenue tumbling 2.3 per cent to PS6.8bn. WBA said it had suffered its "most difficult quarter" vowing to take "decisive steps to reduce costs in the UK".
Boots has 2,485 stores in the UK and over 56,000 employees
|Printer friendly Cite/link Email Feedback|
|Publication:||City AM (London, England)|
|Date:||May 29, 2019|
|Previous Article:||CITY AM CLUB PARTNER SPOTLIGHT; Indian fine dining star partners with the Club.|
|Next Article:||P&O Ferries sues government for PS33m over Eurotunnel settlement.|