Six years of losses at family-owned Fenwick will now see cost cutting measures put in place following the appointment of restructuring experts AlixPartners, according to a report in yesterday’s Sunday Times Business News (16 March). However, the retailer says that there are no plans for stores closures.
“Like all retailers at the moment, we are keeping a close eye on our costs, especially in light of the tax and minimum wage increases in last October’s budget,” a Fenwick spokesman told the newspaper.
There are currently eight department stores in the Fenwick portfolio, located in Bracknell, Brent Cross, Canterbury, Colchester, Kingston upon Thames, Newcastle, Tunbridge Wells and York.
The company’s flagship Bond Street store was sold for £430m three years ago.
Fenwick was founded in 1882, and has stayed in the family, with Hugo Fenwick currently retail managing director and Mia Fenwick executive vice chairman.
Top: Fenwick in Newcastle.
