Britain’s Carpetright seeks to close 92 stores in restructuring

Shares in struggling British flooring retailer Carpetright fell 9.42 per cent after it said it would seek creditor approval for a restructuring plan to close 92 of its stores and reduce rents at 113 of its sites.

About 300 jobs will be lost at the retailer, which has 20 stores in Ireland.

The company, which trades from 434 shops and concessions across Britain and Ireland, also said it would raise £60 million (€68.8 million) through a placing and open offer to reduce its indebtedness and fund the restructuring plan.

Carpetright has in recent months issued a series of profit warnings because of weak UK retail spending. It also said some of its outlets were “poorly-located”.

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The company will seek creditor approval at a meeting on April 26th for the company voluntary arrangement which will allow the shop closures and lower rents, before asking shareholders for their backing on April 30th.

– Reuters, PA