Magnet, a leading kitchen retailer, has announced plans to close 15 underperforming stores as part of a significant restructuring effort. Among the closures is the Bridgwater showroom on Wylds Road in Somerset.
This move is part of a company voluntary arrangement (CVA) intended to address property costs that have become unsustainable, ensuring the financial stability of the Magnet Group. While the company has not specified how many employees will be affected, it has assured that impacted staff will receive full support and will be offered suitable alternative roles within the business where possible.
The Bridgwater branch, known for its knowledgeable and friendly staff, is among the affected locations. However, other Somerset stores such as those in Yeovil and Taunton will continue to operate normally, alongside most of Magnet’s 159 stores nationwide.
READ MORE: Father Denies Shaking and Causing Death of Four-Week-Old Son
READ MORE: Flood Zone Homes in North Somerset Approved by High Court Despite Flood Risks
The restructuring proposals are subject to creditor approval and will be overseen by Natasha Harbinson, Will Wright, and Chris Pole from Interpath advisory firm.
Sophie Rose, Chief Executive of Magnet Group, commented: “This is a difficult decision and not one we have taken lightly, especially where colleagues may be affected. However, it is necessary to secure the long-term health of Magnet Group. By addressing unsustainable property costs now, we protect the stronger parts of our estate and position the business for a more resilient future.”
Magnet will ensure any customer orders from closing stores are transferred to the nearest available location to minimize disruption for shoppers.