B&Q stock held by bankrupt shipping giant

It has been reported that Kingfisher has 52 containers of hand tools, heating products and lightbulbs stranded at sea, following the bankruptcy of a shipping firm which is carrying the goods.

ThisIsMoney.co.uk has said that South Korea’s Hanjin currently has over 30 ships at sea and will not bring them into dock for fear that creditors will seize them.

Kingfisher is understood to have said that the amount of stock was negligible in comparison to the amounts ordered, but the report states that the delay is causing chaos for retailers.

On Tuesday, Kingfisher reported a strong half-year update, with sales boosted by a strong performance in its UK and Polish stores.

B&Q UK & Ireland reported a 1.9% decline in overall sales to £1,997m, although like-for-like sales rose by 4.6%. 

Screwfix continues to go from strength to strength, reporting total sales of £612m, up 24.0% (14.7% like-for-like).

Source : Insight DIY / ThisIsMoney.co.uk
www.thisismoney.co.uk/money/markets/article-3799213/B-Q-owner-52-crates-stuck-sea-ships-owned-bankrupt-South-Korean-shipping-giant-Hanjin.html 

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