JD Sports to close 50 stores as uncertainty looms over branches in Ireland
The retailer also announced that they are set to open 150 new stores
JD Sports, one of the biggest sports-fashion retail companies in Ireland, has announced that 50 store closures will take place next year.
In the UK-based retailer's fourth quarter trading update, the brand also disclosed that they are anticipating 150 new stores, as well as 100 conversions/relocations.
A statement from the leisurewear company read, "There will also be c.50 closures, mainly in Eastern Europe."
JD Sports operates 28 stores across Ireland, and many are now wondering if this news will affect branches in the country.
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With these closures representing just 1% of its total portfolio, the business also confirmed that for the last year both sales and profits were in line with their expectations.
Although shares have dipped in recent times, this was due to new acquisitions with Hibbett and Courir.
Also commenting on the tariffs US President Donald Trump put in place, the brand said, "We note the proposed changes to tariffs announced last week. At this stage, the outcome of these developments is uncertain. We are in regular dialogue with our brand partners but it is too early to comment on the potential sector impact."