Mike Ashley’s Frasers Group threatens to axe 200 jobs to cut costs
MIKE Ashley’s Frasers Group is threatening to make 20 per cent of head workplace workers redundant.
Sources on the sportswear-to-luxury style chain instructed The Sun that the corporate may axe as many as 200 jobs to carry costs below management.
A Frasers Group spokesman mentioned that it needed to “identify efficiencies and streamline processes”, including: “The changes will ensure we have the right structure and talent to support continuing profitable growth.”
The retailer has hoovered up fallen excessive avenue manufacturers with 30,000 workers globally and virtually 1,000 shops across the UK.
These embrace House of Fraser, Game, Jack Wills and Evans Cycles.
Frasers Group at the moment has workers break up between its Shirebrook warehouse, Derbys, and a central London workplace in Oxford Street.
Last 12 months it mentioned it was planning to open a £600million warehouse in Coventry.
One employee mentioned the cuts have been “totally unexpected and we have no idea whether or not we’ll have a job”.
They added: “We’re frightened and gutted.”
Billionaire Mr Ashley now owns 70 per cent of the enterprise though it’s run by his son-in-law, Michael Murray, 32.
Mr Murray has been making an attempt to enhance relationships with key sports activities and style manufacturers.
SHOPS’ outlook brightened in April as gross sales rose by 0.5 per cent, after a 1.2 per cent slip in March which was the wettest month on document.
Despite larger costs, buyers nonetheless purchased greater than the earlier month, serving to gross sales volumes rise 0.8 per cent — boosted by higher climate and the Coronation.
SAINSBURY’S is revamping its funds meals vary below the identify Stamford Street as buyers swap to cheaper own-brand traces.
Ranges together with Hubbards will convert to Stamford Street — the situation of Sainsbury’s outdated head workplace.
It will embrace 200 merchandise from margarine, soup and beef pie.