N Brown: Simply Be and JD Williams owner puts jobs at risk
N Brown, the company behind the Simply Be, Jacamo and JD Williams brands, has put jobs at risk of redundancy.
The Manchester-headquartered business said a “small number of roles” could be affected, believed to be around 35.
In a statement, N Brown said the move was part of its “business transformation programme” and that it was “not a decision we take lightly”.
A spokesperson for N Brown said: “As we undertake our business transformation programme, our operating model continues to evolve and this has resulted in a small number of roles being put at risk of redundancy.
“This is not a decision we take lightly, and we are committed to supporting our colleagues throughout this process.”
In February, Mike Ashley’s Frasers Group increased its stake in N Brown to 20 per cent.
Other companies listed on the London Stock Exchange, which the retail empire holds significant numbers of shares in, include Currys, Boohoo, AO and Hornby.
Lord David Alliance holds just under 50 per cent of the shares in N Brown, with Frasers Group its second largest shareholder.
Over the last 12 months, N Brown’s share price has slumpd from 32p to 17p, and its market capitalisation has dropped to under £80m.
In a trading update issued in January, the business revealed its group revenue fell by more than 9 per cent to £226m in its third quarter.
Speaking to City PM in September 2023, N Brown chief executive Steve Johnson said he expected online retailers to “kick on” again in 2024, following a lull period driven partly by customers returning to physical stores in order to shop around amid the cost of living crisis.