Axe hangs over 77 outlets

DSG International, owner of Currys and PC World, is closing nearly half of its outlets over the next five years. The move is part of a revival plan for the ailing chain set out by chief executive John Browett today (May 15).

The closure of 77 out of 177 stores is part of a major shake-up at DSG, which aims to cut £50m over 2008/09. It will also include new store formats for Currys, and PC World this Christmas. It says it is looking at product mix and allocation of space.

Browett announced the Step Change plan as the retailer reported a 1% rise in like-for-like sales for the year May 3. DSG will also reduce costs at its head office by removing duplication and creating “more effective structures”. It says that savings will be reinvested in the business.

The company has issued two profits warnings this year due to tough trading on the high street and downturn in consumer spending. It is also faced with competition from online retailers.

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