Majestic Wine has announced it could sell up to 200 UK stores as it shifts its focus to its flourishing ecommerce platform Naked Wines.
The British wine retailer has been facing increased property taxes as well as the impact of low consumer confidence in recent months. Last month, Majestic Wine said it was looking to sell some assets and close stores, but no date had been revealed.
The retailer had appointed investment bank Rothschild to seek potential buyers for its UK stores, Sky News reported. A company spokesman revealed that Majestic Wine will provide more details of its plans on June 13.
Majestic Wine currently employs over 1000 staff and operates from 211 stores in the UK. The retailer boasts over a million customers in the UK, US, and Australia, and last month revealed its plans to rebrand itself as Naked Wines – the online business it acquired in 2015 which has since more than doubled in size.
