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Internet Exchange shuts dozen stores

Financial restructuring

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Internet Exchange, chain of Internet cafés which has no, er, cafés, has closed more than 12 of its High Street stores as part of a financial restructuring programme.

At this stage it's too early to say whether there will be any redundancies among the 160-odd staff who currently work at the business.

Execs said that they hope to re-allocate staff to its other premises in libraries and a handful of remaining High Street stores where possible. But they can't rule out the possibility of redundancy.

A decision on jobs should be known sometime next week.

Internet Exchange provides a host of tech-related services, including PC and Net access. However, it has decided to concentrate on training after recently receiving new public sector funding.

Said company MD James Farquharson: "Internet Exchange is currently undergoing a financial restructuring programme to concentrate on the increasingly successful area of the business, the provision of IT training and learning opportunities through learndirect and other programmes.

"As part of this programme, the company has decided to close some of its retail stores, which has unfortunately meant some job losses, but the 12 library and four Life stores remain fully open and staffed, and our learning provision continues uninterrupted."

Last month, Internet Exchange was linked to a decision by the London Development Agency and the European Social Fund promised to cough up funds to give free IT certification training to all London businesses with fewer than 250 employees. ®

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