It’s the only way, says Carpetright boss as 92 stores are set to close

The boss of Carpetright says he is “confident and bullish” about his plans to revive the ailing business after announcing plans to close 92 shops and reduce rents at another 133 through a company voluntary arrangement. Wilf Walsh, who became chief executive of Britain’s biggest flooring retailer in 2014, sought to calm investors’ nerves after announcing the strategy, which will involve closing 81 “poorly located” outlets and shutting a further 11 “dark stores” which are not trading at present. Walsh said it was largely “business as normal” for the company, which has issued three profit warnings in the past four months, as he also detailed plans to raise £60m of equity from investors to strengthen its finances. The Telegrah added that Walsh likened the group’s trading problems to the strain in the casual dining sector. “It appears as if consumers have tightened their belts in terms of spending disposable income,” he said. “In that way we’re suffering like some of the restaurant chains.” Click here for the full Times article (£) Click here for the full Telegraph article Click here for the full Independent article (£) Click here for the full Guardian article