The company which operates thousands of stores nationwide, cited rises in National Insurance and the National Living Wage as major factors behind the announcement.
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00:00ShoeZone, the UK budget footwear retailer, has announced plans to close several stores
00:05due to increased costs following recent government budget measures.
00:09The company, which operates 297 stores and employs around 2,250 staff, cited rises in
00:17national insurance contributions and the national living wage as key factors rendering some
00:24locations unviable.
00:25Challenging trading conditions, including reduced consumer spending and unseasonal weather,
00:31have further strained the business.
00:33ShoeZone now expects its adjusted pre-tax profits for 2025 to halve from £10 million
00:40to £5 million and has confirmed it will not pay a final dividend for 2024.
00:47While the exact number and locations of closures remains unspecified, reports suggest stores
00:52in Ashford, Folkestone, Herne Bay and Gillingham may be affected.
00:57Despite the closures, ShoeZone plans to focus on larger store formats in retail parks and
01:03remains debt-free.
01:04The announcement highlights the ongoing struggles faced by high street retailers in the current
01:10economic climate.