Majestic Wine has announced plans to revamp its business by closing some of its 200 stores and concentrating on its online Naked Wines division.
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More details of the store closures – and any job losses – will be given in June along with its full-year results.
Naked is a subscription business that signs up customers for regular payments, and the plan is to expand the operation by releasing capital from Majestic.
In its statement, Majestic said almost 45% of its business came from online with a further 20% from international sales.
Mr Gormley said:
“It is clear that Naked Wines has the potential for strong sustainable growth, and we will deliver the best results for our shareholders, customers, people and suppliers by focusing all our energies on delivering that potential.
“We also believe that a transformed Majestic business does have the potential to be a long-term winner, but that we risk not maximising the potential of Naked if we try to do both.
“Where we have no choice but to close stores we will aim to minimise job losses by migration into Naked.”
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