Venue Retail Group will close ten stores – a Norwegian Morris-store and nine Accent stores.
”It’s time for consolidation,” says CEO Christel Kinning.
Last week Venue Retail Group only said that it intends to close a dozen stores – without specifying chain affiliation.
“Apart from a Morris-store in Norway all the stores we plan to close belongs to the Accent chain. None of the closures affect footwear chain Rizzo,” says CEO Christel Kinning. to Market.
It is in the business area accessories that Venue Retail Group has major problems with profitability.
Christel Kinning describes the planned store closures as a natural adjustment after a period when the company’s retail network has grown substantially.
”Over the past two years the company has grown by some 40 stores. The mere acquisition last year of the retail chain Deco Bags provided an additional 27 stores. Now is the time for consolidation, “says CEO Christel Kinning.
The stores that will close are generally too close to other shops within the Venue Retail Group that the company believes are more likely to live up to the company’s profitability requirements, writes Market.