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Major British Homes Chain Closing 15 Stores
Magnet said customer orders will move to nearby stores as advisers oversee the plan and creditors vote on the restructuring.
Magnet Kitchens announced on Tuesday the closure of 15 "underperforming" showrooms as part of a Company Voluntary Arrangement restructuring to secure the firm's finances.
Chief Executive Sophie Rose of Magnet Group stated the decision was necessary to "address property costs that are no longer sustainable" while protecting stronger parts of the estate.
Operating over 150 showrooms nationwide, Magnet is closing sites including the North Wales location in Mochdre, Colwyn Bay, and will transfer affected customer orders to alternative stores.
Affected staff "will be supported throughout" and "suitable alternative roles within the business will be offered wherever possible", Magnet said.
Interpath advisors Natasha Harbinson, Will Wright, and Chris Pole are overseeing the restructuring, which remains subject to creditor approval.