Department store chain announces job cuts

A department store chain which has one of its nine branches in York is to cut 408 jobs nationwide after being hit by a fall in profits.

Fenwick, which has a store in Coppergate, York, said management, support and shop floor staff would be affected by the re-structure.

It is understood that the job cuts will take the firm’s staff numbers to just under 2,900 people across the country.

A spokeswoman told Sky News: “Our annual results reflect the challenging market conditions all department store groups are facing, including increased competition from online retail, declining footfall on the high street, and increasingly competitive price discounting – factors that have been exacerbated by a rise in the cost of living that has led to a fall in consumers’ disposable income.”

The department store earlier this year reported a  93% fall in pre-tax profits to £2m following charges on the value of its properties and costs of a restructuring plan. Sales fell 3.6% in the year to January 26.