TYNESIDE retailer Fenwick says it has no plans to shut stores as it has emerged restructuring experts are helping the business.
The historic department store chain, which has faced losses in recent years, is overhauling the behind-the-scenes workings of its website amid efforts to cut costs. American consulting firm Alix-Partners is working with the business which has eight stores across the country, including its head office in Newcastle and is helping to find efficiencies.
Fenwick has been loss making since 2019 and in 2022 sold off its Bond Street, London store in a £430m deal. Last year bosses said trading had been challenging amid the cost-of-living crisis - driven by inflation and high mortgage costs and changes in the retail market.
Accounts for Fenwick Limited, covering the year to the end of January 2024, show the business had narrowed pre-tax losses from £71.1m to £38.1m. Meanwhile operating losses before exceptional items which included sales of properties closed from £46.6m to £45.2m.
Bosses said they had been trying to draw new and existing customers to the chain's premium, multi-brand offer across the UK and talked of efforts to increase efficiencies across its stores and supply chain as well as getting back to profitability by a focus on what it called “retail basics” and guarding margins on products. Having closed and sold its Bond Street store, Fenwick now runs eight department store locations including its flag Newcastle site and Kingston, Brent Cross, Colchester, Canterbury, Tunbrid...
The historic department store chain, which has faced losses in recent years, is overhauling the behind-the-scenes workings of its website amid efforts to cut costs. American consulting firm Alix-Partners is working with the business which has eight stores across the country, including its head office in Newcastle and is helping to find efficiencies.
Fenwick has been loss making since 2019 and in 2022 sold off its Bond Street, London store in a £430m deal. Last year bosses said trading had been challenging amid the cost-of-living crisis - driven by inflation and high mortgage costs and changes in the retail market.
Accounts for Fenwick Limited, covering the year to the end of January 2024, show the business had narrowed pre-tax losses from £71.1m to £38.1m. Meanwhile operating losses before exceptional items which included sales of properties closed from £46.6m to £45.2m.
Bosses said they had been trying to draw new and existing customers to the chain's premium, multi-brand offer across the UK and talked of efforts to increase efficiencies across its stores and supply chain as well as getting back to profitability by a focus on what it called “retail basics” and guarding margins on products. Having closed and sold its Bond Street store, Fenwick now runs eight department store locations including its flag Newcastle site and Kingston, Brent Cross, Colchester, Canterbury, Tunbrid...
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The Chronicle (Digital) - 1 Issue, March 19, 2025