The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
South East; Hampshire and Isle of Wight; Southampton
Location of affected unit(s)
Sector
Retail Retail Trade, Except Of Motor Vehicles And Motorcycles Retail Trade, Except Of Motor Vehicles And Motorcycles 47 - Retail trade, except of motor vehicles and motorcycles
400 jobs Number of planned job losses
Announcement Date
5 September 2005
Employment effect (start)
Foreseen end date
Description
B&Q is expected to cut 400 jobs as the DIY chain's parent company, Kingfisher, seeks to shore up profits in the face of a consumer spending slowdown. The cuts are part of a strategic review by Ian Cheshire, the new chief executive of B&Q who took up the post in July 2005. The posts will go from the company's Southampton headquarters, which employs 1,400 people. Staff at B&Q's 338 stores around Britain, which have a 39,000-strong workforce, are not thought to be under immediate threat. The expected job cuts come as the British Retail Consortium and KPMG prepare to publish high-street sales figures tomorrow. Like-for-like sales for August 2005 could show a decline of about 1%, according to weekend reports. Categories sensitive to B&Q's business, led by housing, DIY and home furnishing, have been under the most pressure from waning consumer confidence since August 2005.
Sources
5 September 2005: The Guardian
Citation
Eurofound (2005), B&Q, Internal restructuring in United Kingdom, factsheet number 62186, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/62186.
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