Major retailer to shut 11 stores in yet another hammer blow to high street
A general view of a Next store in London
PA
A major retailer has announced it will shut 11 stores in yet another hammer blow for the British high street.
Popular clothing company Next confirmed six closures are happening as the stores will not be able to reach its target margins.
A further two sites will close due to site redevelopments and the remaining three were bring up the shutters as agreements were not met with landlords.
Next. who have not yet confirmed which stores were impacted, also closed its Westfield Stratford City branch earlier this year.
An image of shoppers on the high streetPAThe announcement comes after 400 stores and 12,500 jobs were put at risk when Wilko plunged into administration.
Last-ditch talks to save the budget retailer have so far proved unsuccessful.
Next confirmed its decision earlier today when it released its trading update for the year to date.
It said: "We expect to close 11 mainline stores this year.
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"Six closures are in locations where we forecast that the store would not achieve our target margin on almost any terms; two closures are due to the site being redeveloped; three further closures are as a result of being unable to agree acceptable new terms with landlords.
"This last category includes one large store where the length of the lease proposed by the landlord, on a high fixed rent charge, was not something we could agree to."
The report revealed the stores report a combined turnover of £30.7million.
Next also expects to report full-year profits of £875m before tax, revised up from a previous expectation of £845m.
Shoppers in a Next store in Liverpool city centre as the Boxing Day sales get underway
PA
Despite the retailer's decision to close almost a dozen stores, Next has also opened five new clearance outlet stores in recent months to sell off excess stock.
The company, run by Tory peer Lord Wolfson, also took on iconic British brands such as Cath Kidston.
Its decision to expand its portfolio came after Cath Kidston fell into administration.
Shares in Next closed up 3.34 per cent at the close of trading today, the MailOnline has reported.