Gambling conglomerate Flutter has announced that they've closed 21 Paddy Power retail betting shops in Ireland, which will result in 78 employees being impacted by the changes.
The closures were related to lease expiration and early terminations of leases and came after the company reviewed its operations. There will still be 230 Paddy Power retail locations throughout the country. Some of the employees who're affected will be made redundant, but the majority will be transferred to other shops within the company.
Flutter said last year that there would be an internal review of the company's performance and that redundancies throughout the UK and Ireland were coming at some point. Still, the move comes at a time where Flutter's UK and Irish revenues jumped 13.7% in the first half of the fiscal year to £1.24 billion.
In a statement, Paddy Power Chief Commercial Officer David Newton said, "As with all businesses in the retail sector, we regularly review our estate to ensure we are operating efficiently and meeting the evolving needs of our customers. Indeed, a well-invested retail estate remains a key component of our omnichannel strategy.
"While the majority of our estate continues to perform well and is growing market share, we have decided to close a number of underperforming shops.
"This is absolutely no reflection on our hard-working shop colleagues and I would like to thank them for their service and professionalism during this difficult time. We are in contact with all affected colleagues and our focus is very much on providing support to those who may be impacted by the changes."
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