MATCHESFASHION Cuts 273 Jobs After Frasers Group Takeover
Luxury retailer struggling after acquisition by Mike Ashley's company
Over half of workforce affected by redundancies
Luxury clothing retailer MATCHESFASHION has announced plans to cut 273 jobs, more than half of its workforce, after its new owner Mike Ashley's Frasers Group put the company into administration.
The redundancies come less than three months after Frasers Group bought MATCHESFASHION for £335 million. Frasers Group also owns other high-street brands such as Sports Direct, House of Fraser and Flannels.
In a statement, Frasers Group said that the job cuts were necessary to "restructure" MATCHESFASHION's business and make it more profitable. The company said that it would be working with affected employees to support them through the redundancy process.
The news of the job cuts has been met with anger and disappointment from employees and industry experts. Many have accused Frasers Group of asset-stripping MATCHESFASHION and destroying its reputation as a luxury retailer.
One former employee, who wished to remain anonymous, said: "This is a devastating blow for MATCHESFASHION and its employees. Frasers Group has no understanding of the luxury market and is simply interested in making a quick buck."
Industry expert Maureen Hinton said: "This is a sad day for the British fashion industry. MATCHESFASHION was one of the UK's leading luxury retailers and its demise is a major loss."
The job cuts at MATCHESFASHION are the latest in a series of redundancies in the UK retail sector. In recent months, other major retailers such as John Lewis, Marks & Spencer and Next have all announced plans to cut jobs.
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