Debenhams taking axe to hundreds of managers
Department store chain Debenhams is set to slash 320 store management roles as it pushes through a major costcutting drive after being confronted by flagging sales.
The retailer said efforts to drive down the “complexity” of management positions, coupled with changes to working practices, would bring “significant cost savings”.
The move could hit 25 per cent of store management roles across the organisation, with a new structure expected to be rolled out by the end of next month. Debenhams saw its share price slump as much as 24 per cent in January after warning over profits and slashing prices to bolster lacklustre festive sales.
It also outlined plans to ramp up cost savings, with another £10 million earmarked for this financial year and £20m extra annually under a reorganisation led by boss Sergio Bucher.
The retailer said: “We are currently consulting with individuals affected and will seek redeployment opportunities where possible.”