Blacks Leisure Group has decided to close around 45 of its loss making stores, predominantly under the Millets brand.
The company has also reviewed its Blacks out of town store opening programme which will, for the moment, be limited to the two new openings scheduled for the financial year to February 2008.
The company says it will recommence the growth of this format ‘when appropriate’.
Blacks hopes the move will result in an exceptional provision in the current financial year to February 2007 of approximately £14m, of which £3.5m is expected to be a cash outlay during the financial year to February 2008.
The company is also continuing a thorough operational review which is focusing on enhancements to the company’s product, pricing and customer proposition across all its fascias.
