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Habitat unveils voluntary redundancy package

Published: 25 February 2010
Habitat offers voluntary redundancy packages to its London head office staff in a bid to cut costs and return to profitable trading.
Habitat unveils voluntary redundancy package
The company is funding the redundancy package though a loan from Hilco, who acquired the business in December 2009, and expects to see annual savings in the region of €5m as a result.

The Habitat Group, which trades out of 72 stores across Europe, reported losses of almost €40m during 2009/10.

The redundancy proposal is part of a major cost-cutting exercise and runs alongside strategic growth plans for the Group, which opened a new store in the Liverpool One centre in December.

Plans for another new store in Bilbao, Spain were announced yesterday with work commencing immediately.

The company reported that sales for the last three months exceeded budget and increased 24% on a lfl basis in the UK.

Habitat chief executive Mark Saunders said: "It is important that we take immediate action to reduce our overhead base in order to reverse the losses incurred under previous ownership. Therefore, whilst it is never pleasant to announce redundancies, these staff reductions are essential to preserve the business into the future."

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