120 Focus stores to close
Published: 26 May, 2011
Administrators call time on troubled DIY brand
Focus DIY is to close the 120 stores that remain unsold out of its 175-strong portfolio. Joint administrators Ernst & Young has started the closure programme at the troubled chain after failing to find a buyer for the business. Earlier this month it sold some locations to other retailers including Asda and rivals B&Q and Wickes.
Simon Allport, E&Y’s Joint Administrator, said: “While we have been successful in securing up to 900 jobs from the sale of 55 stores in three separate deals, finding a buyer for the whole of the business has not been possible.
“While the administrators are continuing negotiations for the sale of a number of stores across the group, the stock liquidation is likely to result in a number of Focus stores closing with remaining employees going through a redundancy process
And Dominic Walton, senior director in out-of-town retail agency at CB Richard Ellis, commented: “Following the relatively recent CVA and further ‘distressed’ dialogue with landlords it was common knowledge that Focus was struggling and the news comes as no surprise.
“As this is now the end of the line for Focus, it provides opportunity for the remaining DIY retailers along with other out-of-town retailers to acquire floorspace in a market where the development pipeline of new retail accommodation is extremely limited.”
