B&Q closes stores in Ireland

B&Q Ireland has been put into official receivership. This has resulted from the filing of an insolvency petition by this subsidiary of the British Kingfisher Group on 31 January 2013. What is more, the company has announced that two of its current total of nine stores in Ireland are to close down. The management is also expecting the closure of two further stores. The parent company has stated that it will continue to support its Irish subsidiary. Moreover, newspapers report that four potential investors have expressed an interest. Falling profits resulting from continuing consumer restraint provide the background to the latest developments. Added to this is the extraordinarily high rent charged for some of the stores.