UK retailer The Co-operative Group has confirmed plans to close six stores.
A spokesperson for the retailer did not give details of the location of the stores but told just-food: “At any one time, given the size of the business, we are going to have stores that are closing.”
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
The stores are expected to close next month and are reported to be affecting around 145 employees.
In August, the retailer reported that falling sales in a “tough” market had hit profits from its food arm.
Operating profit from The Co-op’s food business was GBP119m (US$188.8m) in the half year to 30 June, down from GBP142m a year earlier. The Co-op pointed to “continued investment” in prices, its stores and supply chain.
Earlier in the year, the retailer had announced plans to cut hundreds of back-office roles in a bid to increase profits from its food business.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
