Magnet to close 15 United Kingdom stores in restructuring

The kitchen retailer Magnet is set to close 15 of its stores across the United Kingdom as part of a major restructuring plan aimed at securing the company's long-term financial health. The closures, announced on June 30, 2026, will be enacted through a Company Voluntary Arrangement (CVA), a process designed to renegotiate property leases and other liabilities with creditors.

The affected stores, described by the company as underperforming, are located in Andover, Birmingham Minworth, Blackburn, Bridgwater, Brighton, Colwyn Bay in North Wales, Dorking, Farnborough, Ramsgate, Romford Trade, Stirling, Stockton, Watford, Weymouth, and York Trade. The majority of Magnet's 159-store estate will continue to operate as normal.

Chief Executive Sophie Rose stated the decision was difficult but necessary to address unsustainable property costs and protect the stronger parts of the business. She expressed confidence that the proposals would help build a more resilient company better positioned to serve customers and return to sustainable profitability. The company did not disclose the exact number of jobs at risk but said affected employees would be supported and offered alternative roles...