Canada markets closed
  • S&P/TSX

    20,287.80
    -23.98 (-0.12%)
     
  • S&P 500

    4,395.26
    -23.89 (-0.54%)
     
  • DOW

    34,935.47
    -149.06 (-0.42%)
     
  • CAD/USD

    0.8024
    -0.0015 (-0.18%)
     
  • CRUDE OIL

    73.81
    +0.19 (+0.26%)
     
  • BTC-CAD

    51,867.67
    +3,121.99 (+6.40%)
     
  • CMC Crypto 200

    955.03
    +5.13 (+0.54%)
     
  • GOLD FUTURES

    1,812.50
    -18.70 (-1.02%)
     
  • RUSSELL 2000

    2,226.25
    -13.78 (-0.62%)
     
  • 10-Yr Bond

    1.2390
    -0.0300 (-2.36%)
     
  • NASDAQ

    14,672.68
    -105.59 (-0.71%)
     
  • VOLATILITY

    18.24
    +0.54 (+3.05%)
     
  • FTSE

    7,032.30
    -46.12 (-0.65%)
     
  • NIKKEI 225

    27,283.59
    -498.83 (-1.80%)
     
  • CAD/EUR

    0.6756
    -0.0002 (-0.03%)
     

Carphone Warehouse to shut 530 stores and slash 2,900 jobs

·Finance and policy reporter
·1 min read
A view of a sign for a Carphone Warehouse mobile phone retailer in London.
A view of a sign for a Carphone Warehouse mobile phone retailer in London.

Hundreds of Carphone Warehouse stores will close across the UK, leading to the loss of around 2,900 jobs.

The retailer Dixons Carphone (DC.L) announced it will close all 531 of its standalone stores. The retailer said around 1,800 staff were expected to be kept on, with the company focusing on its ‘shops-in-shops’ and online sales.

But it said it expected 2,900 redundancies when the stores close on 3 April. The stores make up 8% of Dixons Carphone’s total UK retail space.

The company promised to go “well beyond” its legal obligations in providing financial and other support for workers.

Read more: Norwegian says half workforce risk ‘temporary layoffs’ over coronavirus

“There's never an easy time for an announcement like this, but the turbulent times ahead only underline the importance of acting now, to ensure a business fit for the future,” it said.

The company said it was an “essential next step” in turning around its loss-making mobile business. The mobile arm is set to make a £90m loss this year, according to the company.

“Customers are changing the way they buy mobile devices and connectivity, replacing their handsets less often and buying them separately or as part of more flexible bundles,” the company added in a statement on Tuesday.

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting