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06/09/2005
B&Q to cut 400 jobs
DIY chain B&Q has announced that it is to cut 400 jobs, due to a slowdown in consumer spending.
B&Q owner, Kingfisher, announced that 220 jobs are to go at the firm’s Southampton headquarters, while a further 80 regional administration posts will also be axed. Another 100 vacant posts will now not be filled.
The jobs are to go as part of a restructuring process, which is expected to cost Kingfisher around £12 million. It is believed that compulsory redundancies are likely to be involved, but the cuts will affect office-based jobs, not those at B&Q’s 339 stores.
The announcement follows a review of the business by new chief executive Ian Cheshire, who took over the business in June.
Mr Cheshire said that B&Q was facing a tough retail environment. He said: “We need to streamline the business to focus on supporting stores and serving customers. The restructuring is about making our plan for the future work, as well as being driven by the need to cut costs.”
In May, Kingfisher announced that like-for-like sales at B&Q had dropped by 7.7% in the first three months of 2005.
(KMcA/SP)
B&Q owner, Kingfisher, announced that 220 jobs are to go at the firm’s Southampton headquarters, while a further 80 regional administration posts will also be axed. Another 100 vacant posts will now not be filled.
The jobs are to go as part of a restructuring process, which is expected to cost Kingfisher around £12 million. It is believed that compulsory redundancies are likely to be involved, but the cuts will affect office-based jobs, not those at B&Q’s 339 stores.
The announcement follows a review of the business by new chief executive Ian Cheshire, who took over the business in June.
Mr Cheshire said that B&Q was facing a tough retail environment. He said: “We need to streamline the business to focus on supporting stores and serving customers. The restructuring is about making our plan for the future work, as well as being driven by the need to cut costs.”
In May, Kingfisher announced that like-for-like sales at B&Q had dropped by 7.7% in the first three months of 2005.
(KMcA/SP)
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