Carpetright has said it is closing 92 stores - resulting in 300 job losses - as it fights for survival under a sweeping restructure.

The beleaguered retailer, which employs 2,700 people in the UK, said 11 of the sites earmarked for closure had already stopped trading.

The move follows a review of its property portfolio which found 205 sites were underperforming or on unfavourable lease terms.

Carpetright said it hoped to relocate affected staff - and said rent would be slashed on the other 113 struggling sites under the rescue plan.

Wilf Walsh, chief executive of Carpetright, said: "These tough but necessary actions will enable us to address the burden of a legacy UK property estate consisting of too many poorly located stores on unsustainable rents, and are essential if we are to restore our profitability and deliver a successful turnaround.

"We will remain in close contact with all colleagues to keep them fully informed as we move through this process."


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