High street favourites forced to close stores

Boots could close up to 200 shops over the next two years, according to the Guardian.

The health and beauty chain is reviewing its portfolio of nearly 2,500 shops as its US parent company attempts to cut costs worldwide. Up to 350 jobs are already on the line at Boots’ head office in Nottingham.

The article cites ‘industry insiders’ who say that Boots has long needed to move out of small stores on ‘declining high streets’ that were unlikely to be profitable.

The news comes after other high street chains including Debenhams, House of Fraser, New Look and Mothercare have recently been forced to close stores due to higher minimum wages, rising business rate and more expensive imports thanks to the drop in the value of the pound since the Brexit vote.

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→ The Guardian - Boots could close up to 200 stores, leading to hundreds of job losses