House of Fraser cuts 1,000 jobs
Sunday 26 January 1997
The group would not comment ahead of its Christmas trading statement on Monday. However, market sources said that at least six of its 52 stores would close following a review by the new chief executive, John Coleman.
The shake-up will hit smaller stores in particular, with Arnotts outlets in Scotland and Binns stores in the north of England thought to be on the hit list.
However, the group is not understood to be planning a full-scale rebranding that might wipe out many of its 18 trading names.
Many stores, such as Rackhams and Dingles, attract loyalty from local shoppers. Instead, the review has focused on outlets in less promising locations.
New shops, however, of which four are planned by 1999, are likely to open under the House of Fraser name.
"It's not a question of names disappearing, but the bigger, better stores surviving," one market source said.
"The company's old buying policies were unfocused. Now Fraser is looking at five core types of customer: classic, career movers and label-lovers among women, and smart career and fashion-conscious men."
The group's performance has been disastrous since it was spun off by the Fayed brothers from Harrods in 1994.
Profits last year fell to pounds 14.3m from pounds 34.5m at flotation, and provisions of pounds 40-50m to cover the review will take Fraser into a first- ever full- year loss this time.
Analysts also expect Christmas to have been sluggish, though trading picked up in the January sales.
Mr Coleman was installed last April after the sacking of Andrew Jennings. Chairman Brian McGowan remains at the helm, but his tenure depends very much on Mr Coleman's success, analysts say.
Co-creator Mark Gatiss dropped some very intriguing hints ahead of the BBC drama's return next year
London 'needs affordable housing'
Mr and Mrs Smith star admits she's 'never been comfortable on-screen'
Singer was ordered not to 'blow her rape whistle' in song 'Vegas'
- 1 Lee Evans announces his retirement from comedy on The Jonathan Ross Show
- 2 Iggy Azalea responds to Eminem rape lyrics: 'I'm bored of old men threatening young women'
- 3 These grandmas smoking weed for the first time are wonderful
- 4 Pastafarian former porn star Asia Lemmon allowed to wear colander in driving licence photo
- 5 Woman opens professional cuddling shop – gets 10,000 customers in first week
Duchess of Alba dead: Billionaire Spanish duchess who lived life by her own rules, dies at 88
These grandmas smoking weed for the first time are wonderful
Woman opens professional cuddling shop – gets 10,000 customers in first week
Bill Cosby rape allegations explained: Why are these allegations coming out now? And why has nobody taken legal action?
Revealed: How the world gets rich – from privatising British public services
Rochester by-election: Ukip gains second MP as Tory defector Mark Reckless holds seat
'Muslims pre-date Columbus in discovering America,' says Turkish president Erdogan
Rochester by-election: Labour MP Emily Thornberry resigns after posting white van and England flags tweet
France 'blocks' Russian sailors from boarding a warship
Former Tory PM Sir John Major says 'we would not have an NHS without migrants'
G20 summit: David Cameron warns Vladimir Putin that Russia's relationship with the West is at a 'fork in the road' over Ukraine
iJobs Money & Business
Voluntary Only - Expenses Reimbursed: Reach Volunteering: Age Concern Slough a...
Voluntary Only - Expenses Reimbursed: Reach Volunteering: Crossroads Care is s...
£20000 - £25000 per annum + OTE £35,000: SThree: We consistently strive to be ...
£50000 - £90000 per annum + benefits: Ampersand Consulting LLP: Markit EDM (CA...