CARPHONE Warehouse yesterday said it will axe 2,900 jobs under plans to close all 531 of its standalone stores.

Parent company Dixons Carphone said the radical move was caused by changes in the mobile market, rather than the coronavirus outbreak.

The firm said 40 per cent of impacted colleagues were expected to take new roles in the business.

Dixons said the changes were an "essential next step" in the turnaround of its mobile business. In 2018 the firm outlined plans to make the division — which will make a £90m loss this year — profitable.

The retailer's mobile products will now be sold through Carphone Warehouse concessions inside 305 large Currys PC World stores and online.

The standalone stores, which represent eight per cent of the company's total UK retail space, will close on 3 April.

"I don't underestimate how upsetting this news will be for our colleagues, and we'll treat everyone with honesty, respect and care," said chief executive Alex Baldock.

Carphone Warehouse's 70 stores in the Republic of Ireland and elsewhere around the globe will not be affected.

(c) 2020 City A.M., source Newspaper