Last fall, the textile discounter Kik announced that it wanted to close a number of unprofitable branches. At the time, there was talk in the media of up to 400 affected locations in Germany alone. Now the plans seem to be becoming more concrete.
According to a report in thesmittel-Zeitung (LZ), Kik plans to close around 50 of its almost 4,300 stores across Europe in the first quarter of the current year, half of which are in Germany. However, according to the article, more closures could follow. The company did not provide the LZ with any specific information about this because the relevant plans had “not yet been completed”. According to the report, the retailer is also considering saving costs by shortening opening hours at select locations.
Kik justified its closure plans last September with the current difficult conditions. At the time, the company referred, among other things, to a “more competitive market environment” as well as “noticeable purchasing reluctance” and temporary disruptions in the supply chains. The retailer then initiated a “careful analysis” of its store portfolio.
