REDgroup Retail to cut staff

Published on Mon, 22/11/2010, 02:35:15

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By Aimee Chanthadavong

Parent company of Angus & Robertson and Borders, REDgroup Retail may be looking to simplify its store model with staff reduction an option.

The company has confirmed that an internal email was sent to REDgroup employees informing it will be looking at cost cutting, which will include staff reductions. But says it still remains committed to retaining staff within its store network.

The company will also be looking to put greater focus on gift giving and its online store particularly, e-book sales while reducing its “unprofitable” range of CDs and DVDs.

The company also said goodbye to its chief executive officer Dave Fenion in early November when he resigned from his position at REDgroup Retail for “personal reasons” with the company refusing to speculate it was due to the company’s financial troubles.

In its 2010 preliminary full year results, REDgroup Retail announced the full year loss after tax of $43 million was mainly attributed to non-cash inventory provisions as it completed its integration of Borders and rationalisation of old ranges.
 


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