Yarmouth Co-op store faces closure
DEPARTMENT stores run by the East of England Co-op in Norwich and Yarmouth may close, the society revealed today.Chief executive Richard Samson said four stores across the region - including Clacton and Witham in Essex - could close and 140 jobs were at risk.
DEPARTMENT stores run by the East of England Co-op in Norwich and Yarmouth may close, the society revealed today.
Chief executive Richard Samson said four stores across the region - including Clacton and Witham in Essex - could close and 140 jobs were at risk.
Mr Samson said the society was “actively seeking alternative means for the stores to continue trading under new ownership”.
“This decision has not been taken lightly,” he said.
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“Despite the best efforts of everyone concerned these stores have continued to under-perform and have not made a profitable contribution for some time. The current economic downturn has brought this matter to a head and we are now proposing to take action to reduce the impact these losses have on other areas of our business.
“We don't wish to let our customers down, but sadly these stores are no longer viable in their present format.
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“We are giving support and guidance to our store colleagues who are affected by the proposal and appreciate how difficult this will be for them.”
Mr Samson added: “We constantly monitor the trading performance of all of our branches and departments and are looking to invest significant sums of money into other areas of our business, particularly food retailing where our stores are performing well across the region.”
The East of England Co-operative Society is the region's biggest independent retailer with 5,000 employees and 200 outlets in 73 towns and villages across East Anglia.