Magnet to close 15 stores in UK retail restructuring

The kitchen chain enters a company voluntary arrangement, signaling continued pressure on the UK high street as consumer spending remains tight.

By Handelsavisen Newsroom · Automated 2026-06-30 12:17 UTC · 1 min read

Magnet, the UK kitchen retailer, is closing 15 stores as part of a company voluntary arrangement (CVA).

The company identified the locations as underperforming and said the closures are necessary to streamline operations and reduce costs amid a challenging retail environment.

The move underscores the ongoing difficulties facing UK high street retailers, which have struggled with elevated operating costs and shifting consumer habits.

Magnet’s decision to enter a CVA—a legal process that allows companies to restructure debts with creditor approval—highlights the severity of the financial pressures.

The closures will affect staff at the impacted sites, though the company has not yet disclosed the total number of jobs at risk.

This development adds to a broader trend of retail consolidation in the UK.