// Brighthouse is closing 10% of its estate
// 30 stores across the UK will be shut and 350 jobs axed
// The rent-to-own retailer currently employs 3000 people and has informed staff
Brighthouse is set to 30 of its stores, resulting in 350 job cuts amid the challenging conditions of the high street and a crackdown on rent-to-own retailers.
The retailer is closing about 10 per cent of its estate over the next two months.
Brighthouse, which currently employs around 3000 people, has informed its staff.
“We are working to redeploy as many people as possible into alternative roles but redundancies will be inevitable,” a spokesman said.
In its most recent trading results for the six months leading up to September 29, Brighthouse reported a climb in pre-tax losses to £22.1 million from £19.9 million in the comparable period.
Meanwhile, the Financial Conduct Authority (FCA) announced plans last year to cap the amount of interest that rent-to-own retailers charge customers.
The FCA also found that 400,000 people were paying an extra £23 million a year on TVs and fridges due to overpricing and excessive interest charges.