More than 380 jobs to go as Co-ops close
CO-OP department stores in Derby, Ilkeston and Long Eaton are to be closed, it has been announced today.
The Derby Department Store, Exchange Street, Ilkeston Department Store, South Street and the Long Eaton Bed Centre, Cross Street are all to close.
None of the food stores are affected by the closures, the company has said.
Midlands Co-operative confirmed the Society's plans to close its Fashion & Home business.
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Martyn Cheatle, Chief Executive said: "Major changes in the retailing sector and the ever increasing growth in online shopping over recent years have created significant and fundamental challenges for the Society's Fashion & Home business.
"Whilst our other businesses have flourished, the Society has been incurring substantial losses from the Fashion & Home operation for more than a decade and in spite of sustained efforts to improve performance, the latest financial projections indicate a further decline with increasing losses in future years.
"Unfortunately, efforts to sell the business as a going concern have proved unsuccessful and after much consideration it is with great regret that the Board of Directors has taken this very difficult decision to close the Fashion & Home business. Please be assured this decision was not taken lightly and was necessary to protect the long-term future and growth of the Society as a whole.
"A plan has been put in place for a phased closure of nine Fashion & Home stores over the next six months.
"This could potentially affect some 388 store-based employees, although every effort will be made to redeploy employees into other business areas and it is anticipated that the Society's ambitious new food store development programme will help facilitate this.
"The Society is also exploring viable change of use options for the Fashion & Home sites.
"As stated we will fully investigate redeployment opportunities in surrounding business units and Society operations. The Society is in full consultation with all affected staff and trade unions.
"All customer orders and gift vouchers will be honoured, and customer enquires will continue to be handled by staff at our Fashion & Home stores during the phased closure.
"In addition staff in our local food stores will be able to provide ongoing customer service; alternatively customers can contact the Society's Customer Service team at our Head Office in Lichfield."
Other stores slated for closure are in Chesterfield, Coalville, Stafford, West Bridgford, Wigston, Raunds.