Evans Cycles is set to axe 300 jobs, the Guardian has reported.
Hundreds of remaining store staff are also set to be switched to zero-hours contracts, with Mike Ashley’s Frasers Group aiming to cut costs.
The retailer has reportedly told staff it intends to cut up to half of the workforce in many stores, and a document sent out to Evans staff said management will also have to work more hours, moving from 40-hour contracts to 45 hours.
It said the group would employ about 475 staff in stores, down from 813, said the Guardian.
“We cannot rely on old ways of running our business and we must adapt,” said a note to staff. “These changes will look to address the cost of sales ratio in our stores and ensure that we are able to be more flexible with our cost base out of peak trading and during difficult trading periods.”
Evans Cycles was sold to Mike Ashley’s Sports Direct as part of a pre-pack administration back in October 2018.
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