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Oddbins to close 39 stores

High street wine retailer Oddbins is to close 39 stores, almost a third of the company's stores, as part of a rescue plan.

CITY & CORPORATE

Oddbins to close 39 stores

High street wine retailer Oddbins is to close 39 stores, almost a third of the company's stores, as part of a rescue plan.

It was revealed last week that the company had appointed corporate financiers to advise on a strategic overhaul. Spectrum Corporate Finance and Deloitte are working with the company to find a new investor.

The loss-making off licence chain said that the decision was “part of a complete strategic review to ensure the business can move forward on a solid footing”.

In a statement, the company said: “Due to the tough economic climate, the business is being restructured with the result that 39 branches across the United Kingdom will be closed over the coming weeks. The staff have been informed today”.

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