Kitchen retailer Magnet is to close 15 stores as part of a major restructuring plan designed to reduce unsustainable property costs and protect the stronger parts of the business.
The company has announced that the closures will be implemented through a proposed Company Voluntary Arrangement, commonly known as a CVA.
Magnet said the CVA is intended to address underperforming locations where property costs are no longer sustainable. The majority of its 159 outlets will continue to trade and are not expected to be affected by the proposals.
The proposed CVA will need to be approved by creditors before it can take effect. The process is being overseen by Natasha Harbinson, Will Wright and Chris Pole of Interpath.
Magnet has not confirmed how…