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Hobbs undergoes restructure and pushes US expansion plans

Hobbs is to restructure and make further moves into the US after a business review carried out by private equity owners 3i.

Drapers’ sister tile Retail Week has reported that a major reorganisation is currently taking place across the brand’s ranges and operations.

A consultation into head office roles has begun, with some 16 jobs “at risk” out of a total 150.

Hobbs chairman Phil Wrigley said: “At this point it does not include any of the executive directors but it does include a number at the level below.

“There will be an impact on marketing and design, and a small effect on buying and support functions.”

Wrigley said the success of its Bloomingdale’s concessions, including locations such as New York’s 59th Street and the King of Prussia Mall in Pennsylvania, has led to plans to open five more similar US concessions in the spring.

“I couldn’t be more excited,” he said. “The additional five will take us to places like Chicago and Florida.”

Owner 3i was forced to write down the value of its investment in Hobbs by 40% after a difficult Christmas trading period.

Meg Lustman was named the new chief executive in July. She will take over from Nicky Dulieu, who stepped down in the spring after five years in the role.

Readers' comments (1)

  • Another Private Equity disaster waiting to happen. Over expansion with loads of debt. It can only go one way!

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