KiK to close 300 stores across Europe in strategic restructuring

German discount retailer KiK has announced a major restructuring plan that involves closing approximately 300 stores across Europe. The company is shifting its strategy from rapid expansion and increasing market share to prioritizing the profitability of individual locations.

According to KiK CEO and CFO Christian Kümmel, the previous model of aggressive store openings did not yield the expected results. The company aims to eliminate underperforming sites and replace them with more promising locations. As part of this transition, KiK plans to open about 75 new stores this year.

The restructuring will heavily impact the German market, where the company intends to close around 150 stores while opening 15 new ones. Despite these closures, KiK maintains a significant presence in Germany with over 2,200 locations and intends to remain one of the country's largest clothing and household goods discounters.