A MAJOR retailer has announced 23 stores are being closed as it scrambles to cut costs.
Topps Tiles said the closures, 7% of its 319-strong estate, will help slash costs as part of “significant self-help measures”, which also include savings being made at its head office.
It said the stores are under-performing, with eight already closed and the remaining 15 being shut over the next six months.
Topps Tiles chief executive Alex Jensen said: “In light of subdued consumer sentiment and geopolitical uncertainty as well as the cumulative impact of cost inflation, the management team is implementing a targeted programme of self-help measures weighted towards the second half.
“These actions are designed to support year on year profit growth and provide a stronger financial platform for 2027 and beyond.”
The closures were announced in its half year training update with the firm posting a slight 0.1% decline in group revenue to £142.7m.
