Source: The Patriot Light | AWK Network | VIEW ORIGINAL POST ==>
The retailer said conditions have been ‘challenging’ since September, noting that consumer confidence has weakened further since the Budget was published.
Shoe Zone, the budget footwear retailer, has announced it is beginning to close stores owing to soaring wage costs.
Shoe Zone said on Wednesday that the government’s decision to raise the minimum wage and employer National Insurance Contributions (NICs) has led to “significant additional costs.”
“These additional costs have resulted in the planned closure of a number of stores that have now become unviable,” the company said.
The retailer, which employs around 2,250 staff in 297 shops across the UK, did not specify how many branches would close and how many staff would be affected.
Share values plummeted 49 percent, with Shoe Zone saying that annual profits would be lower than expected, announcing it has cancelled its final shareholder dividend payout for financial year 2023/24.
Shoe Zone has already been experiencing difficulties. It revealed in October that it had shut 26 stores on a net basis—53 closed, less 27 opened—in the previous 12 months.
Related Stories
Conditions have been “challenging” since the end…
