Majestic wine has announced their plans to close a number of stores and rebrand to Naked Wine that they acquired in 2015.
The company has been battling with growing high street challenges, the group are looking to release capital with store closures.
Profit and sales expectations are on target, the company are also planning to up their growth outside the UK as they will focus on the Naked Wine brand through international and online sales.
Rowan Gormley, chief executive said, “It is clear that Naked Wines has the potential for strong sustainable growth, and we will deliver the best results for our shareholders, customers, people and suppliers by focusing all our energies on delivering that potential.
“We also believe that a transformed Majestic business does have the potential to be a long-term winner, but that we risk not maximising the potential of Naked if we try to do both.
“Where we have no choice but to close stores, we will aim to minimise job losses by migration into Naked.
“Therefore, 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.
“Our plans for doing this are well advanced, and we look forward to sharing the final details in June.”