BrightHouse, rent-to-own retailer, has announced that 30 stores will close, with 350 jobs to be cut.
It isn’t a good time for the company.
Recently, the Financial Conduct Authority found 400,000 people were paying a further £23 million per year on goods such as TVs and fridges, because of overpriced goods and interest charges which were excessive. Additionally, a £22.1 million pre-tax loss found in their latest set of accounts – financial struggles leaving no choice but to cut costs by conjoining redundancies with store closures.
Is there potential for a CVA underway? Is new finance needed?
For some of the 350 jobs cut, new jobs will be given within the business – though redundancies are still inevitable.
In April, the FCA will introduce a cap on interest rates, which BrightHouse will be able to charge their customers.
The stores which will be closed, are as follows:
- Bognor Regis
- High Wycombe
- Leeds Merrion