Major UK retailer to close 23 stores as part of cost-cutting measures

It blamed the government for underperforming

The company is the latest in the UK to undertake cost-cutting measures following on from a number of others stores and chains either cutting back or closing down.

Just this year, multiple retailers, regional airlines and distributors have gone into administration with thousands of jobs being lost.

The likes of Claire's and The Original Factory Shop went into administration at the start of the year, putting over 2,000 jobs at risk.

Meanwhile, Eastern Airlines ceased operation in October last year, affecting over 300 staff.

Even vapers aren't safe, with a large distributor entering administration last week.

Now the latest business to be affected by this climate is Topps Tiles, which has announced it will be shutting 23 shops across the UK in the second half of this year.

This comes after the home retailer closed eight stores already this year.

While Topps Tiles has not disclosed which locations will be closing and how many staff could be affected, they did say that they have been "underperforming".

The current financial climate has become stormy in the wake of rising national insurance, increasing bills as well as less willingness from shoppers to spend money.

The group said: "In light of the softer Home Improvements & DIY market, and to offset government and macro-driven cost inflation, the Group has begun rolling out a series of self-help measures to continue driving sustainable profit growth in the medium term."

It added: "Savings are expected to be weighted toward the second half of the year and will underpin in-year profit as well as provide sustainable profit improvement."

Despite this, the company's online brands continue to perform well while Chief Executive Alex Jensen said that the business "continues to outperform a softer market".

He added: "In light of subdued consumer sentiment and geopolitical uncertainty as well as the cumulative impact of cost inflation, the management team is implementing a targeted programme of self-help measures weighted towards the second half. 

"These actions are designed to support year-on-year profit growth and provide a stronger financial platform for 2027 and beyond."