Shirebrook-based Frasers Group is to make cuts to its design and editorial staff as part of the retailer’s latest restructure.
Consultations began earlier this month, as reported by Retail Gazette, impacting employees across the business’s London and Shirebrook offices.
A spokesperson for the firm said that 30% of staff in the affected teams will be impacted.
It follows a restructure of Frasers’ digital team last July, putting 45 jobs at risk, which came after Frasers showed “sustained profitable growth” in full year results for the 52 weeks ended 28 April 2024, with its CEO hailing it a “break-out year.”
The new streamlining plans come as Frasers Group confirmed its intentions to make a mandatory offer for XXL ASA, a Norwegian sporting goods retailer.
Following the completion of a fully underwritten rights issue of new shares, raising gross proceeds of NOK 600 million, Frasers will own approximately 32.9% of all shares in XXL ASA and approximately 40.8% of the voting A-shares. As a result, Frasers Group will trigger an obligation under the Norwegian Securities Trading Act to make a bid for the remaining shares in the company that it does not already own.
