Dixons Retail to axe more than 100 stores

Dixons Retail is to cut or consolidate over 100 stores as part of an ongoing transformation plan, according to the company.

The number of Dixons UK stores, which include Currys and PC World, is to be reduced from 557 in the UK to between 400 and 420, the company said on Friday. There is no timeline for the cuts, which will be implemented on a case-by-case basis as leases come up for renewal on premises.

The closures will result in a number of jobs being lost, although exact redundancy figures were not available at the time of writing. A large proportion of the stores will become 'two-in-one' combined Currys and PC World outlets.

The cuts will be made as part of the company's ongoing 'Renewal & Transformation' plan, which has seen 50 Dixons stores closed over the past year. Dixons Retail chief executive Sebastian James said the group will "continue to plan cautiously and manage costs aggressively" over the coming year.

"Against a tough economic backdrop, we have continued to deliver on a clear plan to transform the business," he added.

Dixons Retail released its full year results on Thursday. The company's earnings before interest and taxes were down year-on-year at £115m, compared with £128m in 2010/11.