DSG International, the owner of Currys and PC World brands, is to dramatically reduce the number of its Currys.digital stores and cut its dividend as part of an aggressive ‘revival plan’.
A spokesperson said 77 Currys.digital shops out of the 177 outlets would shut, reducing their high-street footprint by more than 40%. This streamlining is happen as their leases expire over the next five years.
The closures are part of a large-scale cost reduction plan by DSG, which it forecasts will cut costs by up to £50m in 2008/09.
The announcement came as DSG reported a modest 1% rise in like-for-like sales for the year to 3 May.
DSG’s shares initially fell by almost 12% on the news, but later rebounded to close 7.5% lower at 65 pence.