Report: Kingfisher to shutter 60 B&Q stores in United Kingdom

New York -- Europe's largest home improvement retailer, Kingfisher, plans to close about 60 underperforming B&Q stores in Britain amid a 7.5% decrease in annual profit, Reuters reported.



Currently, B&Q operates some 360 stores.



In other news, Kevin O'Byrne, CEO for B&Q U.K. and Ireland, will leave the company on May 15, the report said.



Kingfisher, the third largest home improvement in the world behind Home Depot and Lowe’s, also operates stores under the Screwfix banner in Britain and Castorama and Brico Depot banners in France.