U.K. retailer Majestic Wines will close an unspecified number of stores and shift focus to its online business, reports Bloomberg. In 2015, the company acquired the Naked Wines platform, which allows customers to fund winemakers whose output is offered for sale on the site. "We have taken a decision to focus all of our capital and energies into delivering the long-term potential of Naked, and releasing value from Majestic," says Rowan Gormley, Majestic's CEO. The company will try to limit job losses by migrating store employees to roles at Naked, he adds.
Despite the change, the company expects to achieve its sales goal of $658 million during the financial year that ends April 1. When the company presents it full-year results in June, it will change the company name to Naked Wines. Full Story
Related: Constellation Looks to Sell Low-End Wine Brands; Instacart Expanding its Alcohol Delivery Experience.
from Specialty Food News https://ift.tt/2Wp3E83
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