Austin Reed is tightening its belt and axing nearly 20 per cent of its head office staff.
The business will make 50 redundancies at its London and Thirsk offices to make savings of£900,000 this year and£1.5 million a year thereafter.
The retailer has also changed senior management responsibilities, resulting in the appointment of a new operating board headed by chief executive Roger Jennings.
Austin Reed said lost sales caused by disruption during the redevelopment of its Regent Street flagship were 'broadly in line with estimates' at£1.2 million.
- City News: page 8.