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Heads roll in cost cuts at Hamleys
29.05.09
Regent Street toy store Hamleys has axed two of its top executives and is in talks that could see up to a third of its head-office staff depart.
The Icelandic-owned retailer has just finished a strategic review under chief executive Gudjon Reynisson, who was appointed a year ago by now-defunct owner Baugur.
He told Retail Week that his review would "reduce central costs necessary to improve Hamleys' operational model."
This has already seen chief operating officer and number two in the business Paul Currie and buying director Diane Lee depart.
Up to another 18 out of the 60 head office staff could be vulnerable. Following the collapse of Baugur in February, Hamleys is now 64%-owned by nationalised Icelandic bank Landsbanki, which said it saw "long-term value" in the business.
