Magnet to Close 15 Underperforming Stores Under Restructuring Plan
- brg_news_room
- Jul 8
- 1 min read
UK: Magnet Group will close 15 underperforming stores across the UK as part of a Company Voluntary Arrangement (CVA) aimed at addressing unsustainable property costs and strengthening the company’s long-term financial position. While the retailer has not disclosed a closure timeline or the number of jobs affected, it stated that employees will be offered support and alternative roles where possible, and any impacted customer orders will be transferred to the nearest alternative location. The company also confirmed that the majority of its 159 stores will continue operating normally, with the CVA overseen by Natasha Harbinson, Will Wright and Chris Pole of Interpath, subject to creditor approval.
Source: The Whitehaven News
