The closures are not expected to lead to redundancies
Boots is reportedly set to close 300 UK pharmacies within the next year. According to reports, the retailer will close stores in close proximity to each other.
According to reports, the move will reduce the chain's portfolio from around 2,200 to just 1,900. Boots employs more than 52,000 people, but the closures are not expected to lead to redundancies.In the company's quarterly results it said: "Over the next year Boots will continue to consolidate a number of stores in close proximity to each other," the Mirror reports.
Following the Covid-19 pandemic and the current cost of living crisis, many businesses have suffered across the UK. “The specific risks arising as a result of these macroeconomic factors are the risk of a downward valuation of the Company investments, driven by increased discount rates and as well as volatility in the longer-term market rents which are used in the impairment assessment of several of the investees' investment property portfolios, and an adverse impact on the trade of the Company's customers which could, in turn, negatively impact the Company's own sales.
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