Nairobi Securities Exchange listed fashion retailer, Deacons (NSE; DCON) has sacked five of its twelve most senior management team a week after announcing plans to shut down undisclosed number of “unprofitable stores” by the end of next month.
Those leaving the embattled fashion retailer are; The Chief Finance Officer (CFO) Joseph Sitati; Retail Director Jedidah Thoto; Head of ICT Olive Waithaka; Head of 4U2 & Angelo Brands Martha Wareithi and the Head of Sports Division Robert Nderitu.
In an Interview with The Business Daily, Deacons Chief Executive said, “We have to let go some senior managers as part of the austerity measures that are in response to the tough trading conditions we find ourselves in. The affected staff, who have served us well over the years will depart the company on Friday (May, 12 ,2017) with a negotiated send-off package which I believe is competitive.”
Deacons is engaged in the retailing of franchise fashion products and currently runs about 46 stores across Kenya, Uganda, Rwanda, and Mauritius employing approximately 350 people.
The company released it full year results on April 24th, posting an operating loss of Ksh 385 Million in financial year ending 31 December 2016 compared to an operating profit of Ksh 141.6 Million made in 2015.
