CARPHONE CLOSURES

Carphone Warehouse will shut 92 branches in the next year as new boss Alex Baldock seeks to restore the troubled business to profit.

But he assured workers no jobs will be lost as staff will get the chance to move to larger outlets nearby.

Shoppers have been staying away as they hold on to older devices or switch to cheaper SIM-only deals.

Chief executive of parent company Dixons Carphone Mr Baldock said: “We won’t tolerate our current performance in mobile phones. We know we can do a lot better.”

Shares in Dixons Carphone – which has around 1,100 stores in the UK and Ireland including Currys PC World branches – slumped a fifth yesterday after the firm’s bleak trading update.

Profits are expected to slide another 20% to £300million next year after falling from £501m in 2017 to £382m this year, it warned.

Analyst Neil Wilson of Markets.com said: “Dixons looks a bit flabby, but there should be some easy wins in terms of making it leaner, especially around store closures.”

Carphone Warehouse is the latest high street brand to shut branches as shoppers stay away, following the likes of Carpetright and Mothercare.