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 office staff redundant.
Sources at the sportswear-to-luxury fashion chain told The Sun that the company could axe as many as 200 jobs to bring costs under control.
A Frasers Group spokesman said that it wanted to “identify efficiencies and streamline processes”, adding: “The changes will ensure we have the right structure and talent to support continuing profitable growth.”
The retailer has hoovered up fallen high street brands with 30,000 staff globally and almost 1,000 stores around the UK.
These include House of Fraser, Game, Jack Wills and Evans Cycles.
Frasers Group currently has employees split between its Shirebrook warehouse, Derbys, and a central London office in Oxford Street.
Last year it said it was planning to open a £600million warehouse in Coventry.
One worker said the cuts were “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 business although it is run by his son-in-law, Michael Murray, 32.
Mr Murray has been trying to improve relationships with key sports and fashion brands.
Tills sp-ring..
SHOPS’ outlook brightened in April as sales rose by 0.5 per cent, after a 1.2 per cent slip in March which was the wettest month on record.
Despite higher prices, shoppers still bought more than the previous month, helping sales volumes rise 0.8 per cent — boosted by better weather and the Coronation.
Sainsbudgety
SAINSBURY’S is revamping its budget food range under the name Stamford Street as shoppers switch to cheaper own-brand lines.
Ranges including Hubbards will convert to Stamford Street — the location of Sainsbury’s old head office.
It will include 200 products from margarine, soup and beef pie.