A major UK home retailer has announced plans to close 23 stores in another major blow to Britain's high streets and retail parks.
This morning, Topps Tiles confirmed it will scrap 23 locations in a bid to cut costs amid a challenging business environment.
According to the Leicestershire-based group, the upcoming store closures account for seven per cent of its 319-strong estate.
This is being done to help slash costs as part of “significant self-help measures”, which also include savings being made at its head office.
A major UK retailer is shutting down 23 stores
|GETTY
In its latest update, Topps Tiles said the stores are under-performing, with eight already closed since last September and the remainder being shut over the next six months.
Notably, the retailer did not disclose what impact these moves would have on its workforce.
Topps Tiles chief executive Alex Jensen said: "In light of subdued consumer sentiment and geopolitical uncertainty as well as the cumulative impact of cost inflation, the management team is implementing a targeted programme of self-help measures weighted towards the second half.
"These actions are designed to support year on year profit growth and provide a stronger financial platform for 2027 and beyond."
The high street has been hit with store closures in recent months. | PALATEST DEVELOPMENTS
Rachel Reeves is attempting to bolster the UK economy | RACHEL REEVES / LINKEDIN During its latest financial statement, the business confirmed sales fell 0.1 per cent to £142.7million in the six months to March 28.
It asserted that revenues were impacted by a “lengthy” competition process and disposal programme required to appease competition concerns after it bought CTD out of administration in 2024.
With the CTD business stripped out, sales jumped 2.1 per cent, though it said growth slowed sharply to 0.6 per cent in the second quarter.
Despite recent business woes, Topps Tiles claimed that it performed better than the wider DIY and home improvement market.
HMV closed on the High Street, Worcester. | PAMs Jensen took on the role of Topps Tiles' chief executive on December 8 after former boss Rob Parker retired. Topps saw its deal to buy CTD out of administration investigated by the Competition and Markets Authority (CMA).
The regulator required the firm to sell off a number of CTD stores to appease concerns, leaving Topps Tiles ith 22 CTD stores, down from an initial 31.
In December, it also bought the brand of collapsed rival Fired Earth in a £3million rescue deal after the Oxfordshire-based competitor tumbled into administration in October, resulting in the closure of its 20 UK showrooms and 133 job cuts.
Topps said the group is on track to return the CTD arm to profit in 2025-26, having notched up like-for-like sales growth of 1% across the division in the first half to March 28.