Kitchen retailer Magnet has announced the closure of 15 stores, including its Bridgwater location in Somerset, as part of a significant company voluntary arrangement (CVA) restructuring aimed at stabilizing its finances. The firm plans to shutter underperforming stores to tackle unsustainable property costs and protect the overall health of the business.
The affected Bridgwater showroom, located on Wylds Road industrial estate, has received positive reviews for its knowledgeable and friendly staff. While the closures will impact some workers, Magnet has committed to supporting affected employees and offering suitable alternative roles within the company where possible.
Other regional branches such as Yeovil and Taunton will continue operating normally, along with most of Magnet’s 159 other stores. The restructuring proposals, which require creditor approval, will be managed by Natasha Harbinson, Will Wright, and Chris Pole of advisory firm Interpath.
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Sophie Rose, CEO of Magnet Group, emphasized the gravity of the decision: “This is a difficult decision and not one we have taken lightly, particularly where colleagues may be impacted. However, this action is necessary for the long-term health of Magnet Group. It enables us to address property costs that are no longer sustainable and safeguard the stronger parts of our estate.”
Magnet will ensure that any customer orders affected by store closures are transferred to the nearest alternative location to minimize disruption. The full list of closing stores includes key locations as part of this strategic effort to build a more resilient and profitable business poised to better serve customers and partners.