Frasers Group, the British retail conglomerate, has announced plans to permanently close its Trafford office in Manchester. This could potentially lead to around 100 job losses across its Studio Retail and I Saw It First subsidiaries. The decision comes amid a challenging economic climate, with the group seeking to streamline operations and ensure cost-effectiveness.
Depending on their job functions, affected employees will be allowed to relocate to Frasers' other offices. The retail giant has two main offices in London's Academy House and Shirebrook and various subsidiary sites.
The closure follows Frasers Group's acquisition of the former Missguided headquarters in Trafford for £6 million in July 2022, just a month after purchasing the brand out of administration for £20 million. Frasers later sold Missguided's brand and intellectual property to Shein in October, but the deal did not include the Manchester office.
This move is part of a series of restructuring efforts by Frasers Group, which has seen the company cut over 200 roles at its head offices in Shirebrook and London, more than 100 jobs at its Manchester head office, and 90 jobs following the acquisition of 14 businesses from JD Sports earlier this year.
Frasers Group, owned by MASH Holdings Limited, employs over 30,000 people across its UK offices and generated a turnover of more than £5.5 billion in the fiscal year ending April 30, 2023. The company's strategy focuses on three core pillars: Sports, Premium, and Luxury, underpinning its Elevation Strategy to innovate retail through store experience, digital, and product.
The closure of the Trafford office and potential job losses highlight the ongoing challenges retailers face in the current economic landscape as they strive to adapt and remain competitive.
