Thorntons announces store closures

| June 28, 2011 | 0 Comments

Chocolate retailer Thorntons has today announced plans to close 120 stores over the next three years.

The firm also said, as part of a strategic review of the business, a further 60 shops could close as it blamed challenging trading conditions for the latest measures.

The announcement comes just one day after it was revealed fashion retailer Jane Norman had entered administration.

Furthermore, furniture chain Habitat revealed last week, all but three of its stores would be put into administration.

Returning to Thorntons, the firm said it will proceed with the expansion of its commercial division – which sells branded chocolate via supermarkets and other retailers.

Chief executive Jonathan Hart comments: “Our goal is to refocus the business across all channels, and seek to deliver industry competitive results over the next three to five years.”

Last month, the company issued its second profit warning in three months, while shares in the company have lost more than a third in value since February.

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