Kingfisher, the group that belongs to Brico Dépôt, leaves Portugal, Spain and Russia. In Portugal, the group has three stores selling DIY products in Loures, Gaia and Sintra and 213 employees.
"We are operating in a difficult retail environment. We are facing challenges and we are tackling them," said Véronique Laury, CEO of Kingfisher, quoted by the Guardian. Leaving the Portuguese, Spanish and Russian markets will allow the group "to apply our strategy with more focus and efficiency in our main markets where we have, or can we achieve, market leadership."
At present in Portugal since 2014, the group has shops in Loures, Gaia and Sintra, and employs 213 employees, according to the information on the company's website.
The group has 28 Brico Dépô stores in Spain, a market where it has been since 2003, with only 3 in Portugal, but, according to the Guardian, the Portuguese market produced losses that total a total of 2 million pounds, canceling a profit of 2 million pounds Spain. According to the Guardian, the stores will continue to operate as the group requests potential buyers.
Russia and the Iberian market account for approximately 7% of Kingfisher sales. The group's sales rejected 1.3% in the quarter by October 31, reflecting the decline in the Castorama France chain, which dropped its sales by 7.3%, Reuters reported.