Kingfisher's Chinese business in trouble
Kingfisher’s B&Q outlet which sponsored round the world yachtswoman, Ellen MacArthur’s record-breaking circumnavigation, are in trouble. Their Chinese business – where it hoped to conquer the DIY home improvement market has slumped.
A third of their Chinese stores have closed, with 231 million pounds of restructuring and impairment charges. Also 17 of the 41 stores in China are too big for the business left and they are now being offered for rent to other western corporations.
These problems have contributed to 75 per cent plunge in pre-tax profits for Kingfisher.