No timescale for Kingfisher closures
Review to target underperforming countries
September 10 2002
Kingfisher has no timetable for its review of countries where its DIY businesses are underperfoming.
A report in the Sunday Times this weekend suggested that Kingfisher is likely to close up to 30 stores in Belgium, Brazil, Canada and Turkey. Non-executive chairman Francis Mackay recently told shareholders te business will dispose of operations in countries where it does not believe it can become the market leader.
A company spokesman to told the AFX news agency that no timetable has been set for the review of international operations, and that newly appointed chief executive for international and development business Ian Cheshire will begin the process in the months ahead.
The focus for future international development includes China, where B&Q has already opened eight large stores.
Kingfisher is focusing on its international DIY business, which includes B&Q, Brico, and the now fully-owned Castorama. The group plans to demerge its electricals business through a floatation next year.
