UK electronics vendor denies shop closures

UK electronics vendor denies shop closures

UK Electronics giant, Dixons Group, has denied rumours that it plans to close half of its high street stores because it is "making little or no money".

A report published in the Independent newspaper contains comment by Tony Shiret, an analyst at Credit Suisse First Boston Corporation, who claims poor sales will force Dixons to close around half of its 329 high street stores this year.

But Dixons claims Shiret is simply speculating.

"There is no truth in the rumour," a company spokesperson said. "We plan to open larger Dixons XL stores, which will lead to some store closures. We have four XL stores open at present but these are only in trial stages, the report is simply speculation."

Shiret said the expected loss of profits created by the recent extended warranties decision and the general downturn across the PC sector as a whole, plus the growing competition created by supermarket chains moving into the electronics sector, had combined to put pressure on Dixon's earnings.

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