CARPET KING PILES ON JOB LOSS AGONY

THE High Street bloodbath continued yesterday as Carpetright slashed 300 jobs and pledged to shut 92 stores.

Rent on another 113 of the beleaguered carpet firm’s shops is set to be slashed in an 11th-hour deal with landlords.

And bosses at the flooring giant will plead for a £60million cash injection from investors as part of a rescue package to save the struggling company.

Carpetright chief executive Wilf Walsh said: “These tough but necessary actions will enable us to address the burden of a legacy UK property estate consisting of too many poorly located stores on unsustainable rents, and are essential if we are to restore our profitability and deliver a successful turnaround.”

He added: “We will remain in close contact with all colleagues to keep them fully informed as we move through this process.”

Shares in the multi-million pound carpet company plunged by almost a quarter yesterday after details of the bailout package emerged.

Carpetright is the latest in a raft of high street chains to suffer as shoppers abandon town centres and flock online.

Trading experts last night praised bosses for trying to stave off total collapse.

Stephanie Pollitt, from the British Property Federation, said the rescue deal had “sought to find a solution that works for all parties”.