British heritage brand Aquascutum has cut half of its head office roles amid a large scale restructuring, Drapers can reveal.
More than 30 roles have been affected, Drapers understands. Most positions have been made redundant, while other staff members have decided to leave the business and will not be replaced. The cuts affect all head office departments and the process is still ongoing.
One source said acting managing director Philip Brassington will stay on at the company in a different role.
Aquascutum was bought by Jining Ruyi Investment Co, a holding company of China’s Shandong Ruyi Technology Group, for $117m (£95m at the time) in March 2017.
It was previously bought out of administration by Hong-Kong listed YGM Trading for £15m in 2012.
In its most recent results, gross profit fell by 9.2% to £3.7m for the year to 31 March 2017. Turnover dipped by 5% to £12.5m as a result of a planned store closure program, including the withdrawal of all concessions from House of Fraser stores. However, it reduced its operating losses to £4.8m, down from £6.7m the year before.