Oddbins is to axe a third of its stores in the latest bid by the embattled off-licence chain to address its faltering performance.
Thirty-nine stores from a total of 128 face closure under the plan announced yesterday.
Around 200 jobs are likely to go as a result of the store closures.
“The decision is part of a complete strategic review to ensure the business can move forward on a solid footing,” the company said in a statement.
The move comes as part of a strategy review being overseen by restructuring specialists Spectrum Corporate Finance and accountancy giant Deloitte.
Oddbins called in the trouble-shooters last week to review “strategic options” for the company. Further details of the turnaround plan are expected to be made public later in the week.
Oddbins ponders options after calling in troubleshooters (4 March 2011)
Top 50 Independent Retailers 2011 (26 February 2011)
New accounts show Oddbins pre-tax loss (9 October 2010)