Shoe Zone stated, "Consumer confidence has weakened further following the Government's Budget in October 2024, and as a result of this Budget, the Company will also incur significant additional costs due to the increases in National Living Wage and National Insurance. These additional costs have resulted in the planned closure of a number of stores that have now become unviable. The combination of the above will have a significant impact on our full-year figures."
The retailer issued a profit warning stating, "Profits were already under pressure amid weak consumer confidence after the Budget and the ongoing cost-of-living crisis, Shoe Zone confirmed."
During the Autumn budget, Shoe Zone's closure is attributed to new policies, as they observed, "Businesses and supermarkets have been calling on Labour to make a U-turn, but this has so far fell on deaf ears."
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