Thorntons to close 120 stores
Thorntons has announced in its strategy review today that it plans to close up to half of its UK stores.
The British chocolate retailer said it would close a minimum of 120 stores over the next three years as their leases expire and would “explore opportunities” to close a further sixty. The closures could threaten up to 1,000 jobs.
Thorntons said the closures would be part of a strategy to create a chain of 180 profitable own stores and where an own store did close, it would seek to replace it with a franchise.
The news comes less than two months after Thorntons issued its second profit warning of the year. At the time, the company blamed the hot weather over the Easter period for poor sales.
Jonathan Hart, Thorntons’ chief executive, said: “Thorntons is a strong, trusted and highly valuable brand with excellent potential. Our goal is to refocus the business across all channels and seek to deliver industry competitive returns over the next three to five years.”
He added: “Although we see the prospect of weakness in High Street footfall and consumer sentiment continuing, I am confident that this strategy is right.”
