Tough year for Freemans Grattan Holdings

Thursday, 25 June 2009

Multibrand retailer Otto Group reported a currency-adjusted rise in revenue of 1.9 percent for the fiscal year ended 28th February, to €10.11 billion (£8.57 billion). The company’s UK business, Freemans Grattan Holdings, didn’t fare as well, however: Adjusted for currency, its sales fell 14.8 percent, but as Otto noted in its statement, “restructuring measures are already under way to remedy the situation”. In addition to shutting its Montage catalogue, Freemans Grattan is making 1,000 of its 3,800 workers redundant.

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