UK-based fashion retailer New Look has cut nearly 400 jobs as part of a major management restructure across its stores.
The retailer undertook a redundancy consultation that affected 1,000 employees, of which around 390 deputy store manager and sales manager roles were deemed redundant.
A total of 430 affected staff retained their jobs, while another 100 members resigned and the remaining 20 chose a deferred redundancy option.
A New Look spokesperson was quoted by media sources as saying: “Following a review launched last year, we completed a consultation process over the summer with affected staff so we could assess the level of management roles in our UK and Republic of Ireland stores.
“We carried this out to simplify and improve the management structure across our UK and Republic of Ireland store estate so that we are better placed to meet the needs of our customers.
“We worked closely with all of the affected staff to inform of the proposed changes and consult on potential options for continuing their employment with us.”
For the fiscal quarter ending 24 June, the company’s profit declined by around 60% to £12.1m from £30.5m in the corresponding period last year.
The company’s revenue fell by 4.4% to £338.7m and its loss after tax stood at £15.2m.
New Look operates 593 stores in the UK and more than 297 across Europe, China and Asia.