Topps Tiles to close 23 stores over rising costs
Summary
Topps Tiles, a tile retailer, plans to close 23 stores because of increasing costs and a weaker market for home improvements. The firm aims to reduce costs and improve profits by shutting under-performing locations. The company is also trying to offer other jobs to affected employees within the business.Key Facts
- Topps Tiles will close 23 stores to save costs.
- This closure represents 7% of its total 319 stores.
- Eight stores have already closed, with the rest closing in the next six months.
- The company employs about 1,850 people and has not specified which locations will close.
- Topps Tiles aims to find new jobs within the company for affected staff.
- The company experienced a slight sales drop of 0.1% in the six months to March 28.
- Topps Tiles bought competitor CTD Tiles in 2024 but had to sell some stores due to competition concerns.
- The company turned a previous loss into a profit, earning £8.3 million pre-tax profit in the last financial year.
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