Hamleys replaces finance chief with House of Fraser executive after disappointing results
Hamleys’ finance chief will be replaced by a former House of Fraser executive after the toymaker posted a massive drop in profits last week.
Alex Jablonowski will step down with immediate effect according to an internal memo seen by City PM
He will be replaced by a former House of Fraser executive, Yong Shen, who recently left the struggling department store.
Hamleys faces challenging conditions on the high street. It posted a 500 per cent drop in 2017 profits last week, blaming Brexit and terrorism for its woes.
The toymaker announced losses of £9.2m, down from a £1.7m profit in 2016.
An internal note circulated by chief executive Ralph Cunningham said: “It is with regret that I am announcing that Alex Jablonowski, who has been our Group CFO for the last 18 months is leaving the business with immediate effect.
“Alex has been an integral part of our team during his time at Hamleys and we wish him all the very best for the future.
“Yong Shen will be joining the business as CFO later this month and we look forward to welcoming him to the team.”
Despite closing two UK locations and ceasing trading in Scandinavia the company has 29 stores and over 100 franchise units.