British department store chain Fenwick is the latest retailer to announce a job cull as part of a money saving strategy.
The 136-year-old company revealed it would axe 408 jobs – 12% of its workforce – taking its total staff count to 2,842.
Management, support and shop floor staff would be affected by the restructuring, the company revealed.
News of the job cuts come as the retailer revealed a 93.4% drop in pre-tax profits to £2m in the year ending 26 January 2018.
A tough bricks-and-mortar climate, competitive price discounting and a decrease in consumer disposable income were attributed to the sharp profit decline.
A spokesperson from Fenwick told Cosmetics Business: “Our annual results reflect