The transfer to draft in restructuring specialists might result in retailer closures and job losses, The Sunday Instances reported.
It’s understood that Fenwick can be working with AlixPartners on digital transformation to enhance efficiencies.
This has concerned transferring the internet hosting of Fenwick’s web site from Salesforce to Shopify, a course of which will likely be accomplished within the subsequent few weeks.
Within the yr to 26 January 2024, the enterprise posted a pre-tax lack of £28.4m, which it blamed on “the cost-of-living disaster and a altering retail setting”.
The loss in contrast with a pre-tax revenue of £57.1m within the prior yr, which benefited from the £430m sale of its New Bond Road retailer in December 2022.
The division retailer chain has eight shops together with its flagship in Newcastle and employed 1,569 employees as of January final yr.
A Fenwick spokesperson stated: “There are not any plans for retailer closures. Like all retailers in the meanwhile, we’re preserving an in depth eye on our prices, particularly in mild of the tax and minimal wage will increase in final October’s Finances.”
The corporate is at present being collectively led by Mia Fenwick as govt deputy chairman and Hugo Fenwick as retail managing director.
