Mike Ashley’s Frasers Group threatens to axe 200 jobs to cut costs
MIKE Ashley’s Frasers Group is threatening to make 20% of its headquarters staff redundant.
Sources at the luxury sportswear chain told The Sun the company could cut up to 200 jobs to keep costs under control.
A spokesman for the Frasers Group said it wanted to “define efficiency and streamline processes”, adding: “The changes will ensure we have the right structure and talent to support continuous profit growth.”
The retailer has revived faltering street brands with 30,000 employees globally and nearly 1,000 stores across the UK.
These include Fraser’s House, Games, Jack will And Evans’ cycle.
Frasers Group currently has employees split between the Shirebrook warehouse, Derbys and the central London office on Oxford Street.
Last year it said it was planning to open a £600m warehouse in Coventry.
One worker said the cuts were “completely unexpected and we don’t know if we have a job”.
They added: “We were scared and gutted.”
Billionaire Ashley now owns 70% of the business, although it is run by his son-in-law, Michael Murray, 32.
Mr. Murray has tried to improve relationships with important fashion and sports brands.
The outlook for SHOPS was brighter in April as sales rose 0.5%, after falling 1.2% in March, the wettest month on record.
Despite higher prices, shoppers still bought more than they did last month, helping to boost sales by 0.8% — boosted by better weather and Coronation.
SAINSBURY’S is revamping its casual food line called Stamford Street as shoppers turn to cheaper private-brand lines.
The ranges that include Hubbards will transform into Stamford City — the site of Sainsbury’s former headquarters.
It will include 200 margarine products, soups and buns.