Londis set to shut 5% of shops

THE Londis store chain is set to close around 5% of its Irish shop network this year in response to the continuing challenging trading conditions in the market.

ADM Londis — the chain’s Co Kildare-based holding company — yesterday reported pre-tax profits of €4.1 million for 2008 and a wholesale turnover of €341m.

The profit figure was down from a profit of €6.1m made in 2007. The decline was mainly due to a one-off exceptional charge of €2m, which included a €500,000 restructuring charge and an increase of €1.5m in the group’s bad debt provision.