B&Q stores go

THE owner of DIY chain B&Q faced up to a slump in sales in the UK today by announcing plans to shut 22 stores and down-size another 16 outlets.

Amid the toughest market conditions it has seen in years, Kingfisher said the changes were part of an action plan that last week saw it axe 400 office jobs.

The retailer, which has 335 B&Q sites including Hereford, Kidderminster and Evesham, did not disclose the locations of the outlets to close, but said they were in areas already served by other B&Q stores.

No pick-up

HIGH street sales failed to bounce back last month as supermarkets suffered a sharp reversal of fortunes, official data showed.

The Office for National Statistics said retail sales were flat in August after a pick-up in spending on general merchandise was offset by disappointing trading at food stores.

Economists said the figures were below expectations of a 0.2 per cent monthly rise and would increase calls for the Bank of England to cut interest rates further.

Next hopes fall

CLOTHING retailer Next gave up on hopes of a trading upturn this year after reporting a six per cent fall in like-for-like sales for the past six weeks.

While Next said it was unlikely the rest of the season would be as bad as the last month, it believed it was "unlikely" there would be a significant improvement in market conditions for the second half of this year.