Kitchen chain Magnet plans to close 15 stores including one in Hove after the company went bust.
The Hove branch is in Basin Road North, at the eastern end of Shoreham Harbour, close to the Gather Inn pub, formerly the Adur, on the A259 Kingsway.
The company said that it would close the “underperforming” locations as part of a company voluntary arrangement (CVA) restructuring process to try to help secure the group’s financial position.
The proposed CVA is intended to “address property costs that are no longer sustainable”, the company said.
Magnet did not say how many workers would be affected by the closures but said that affected staff “will be supported throughout and suitable alternative roles within the business will be offered wherever possible”.
Most of the brand’s 159 stores will not be affected by the restructuring and will continue to operate as normal.
The proposals, which will be overseen by Natasha Harbinson, Will Wright and Chris Pole, from the advisory firm Interpath, are subject to creditor approval.
Magnet Group chief executive Sophie Rose said: “This is a difficult decision and not one we have taken lightly, particularly where colleagues may be impacted.
“But taking this action now is the right thing to do for the long-term health of Magnet Group.
“It allows us to deal with property costs that are no longer sustainable and protect the stronger parts of our estate.
“I am confident these proposals will help Magnet Group build a stronger, more resilient business that is better placed to serve customers, support partners and return to sustainable profitability.”
Magnet said that it would transfer any customer orders to the closest alternative store if their local site closed.
I guess with all the other kitchen chains they just lost their attraction
Dark, dingy and filthy showroom where the kitchens were falling apart. Hardly surprising tbh.
Time to dust off the application to convert that bit into flats.