British fashion giant Frasers Group has confirmed it will be looking to cut jobs after reviewing its team structures “to identify efficiencies and streamline processes”.
As many as 200 jobs could be axed, sources at the group told The Sun.
Responding to the media reports, a spokesperson for the fashion chain said: “Frasers Group has gone through significant change over the last year, having made a number of strategic acquisitions and accelerated progress against the Elevation Strategy.
“We are reviewing our team structures to identify efficiencies and streamline processes, and we have entered a consultation period with colleagues affected by these changes. The changes will ensure we have the right structure and talent to support continuing profitable growth for Frasers Group.”
The group, whose portfolio includes Sports Direct, House of Fraser, and Jack Wills, has snapped up a slew of smaller or struggling businesses in recent years as it looks to grow its retail empire.
The group announced in December it had reached an agreement to buy 15 brands from JD in a deal worth 47.5 million pounds.
Also this year, the group has acquired Missguided, Studio Retail, and I Saw It First, among others, and has snapped up stakes in the likes of Hugo Boss, Mulberry, and N Brown.