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Gloucestershire Business News

Underlaying problems at Carpetright continue

Carpetright is set to close dozens of stores, making hundreds of employees redundant as it continues its emergency restructure.

The struggling retailer, which has stores in Cheltenham and Gloucester, plans to axe around 300 jobs across 81 stores as it pushes ahead with its plans for a company voluntary arrangement (CVA) to avoid being completely floored, as reported by Retail Gazette.

The company announced a rescue plan last month to raise £60 million by selling equity in emergency funds, while reducing rents and shutting underperforming stores.

Ninety two stores have been earmarked for closure and 11 have already ceased trading. The flooring retailer is also thought to be seeking rent reductions on a further 113 stores.

Landlords and shareholders are expected to vote on the planned rescue deal at the end of the month.

It's not yet known if stores in Gloucestershire will be affected by the closures.

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