Arafa : Bird Group Restruction Starts With A New Director And Cost Cutting

Arafa Investment and Consulting (Arafa Holding)  (AIVC.CA) announced restructurion  and management change of  its  UK subsidiary (Bird Group which controls 12% of the UK market formal menswear).

This plan targets reduction of operational costs to encore profitability rates close to levels achieved before the financial crisis World.

The first step taken was the appointment of a non-executive board director MarkCotter to be the managing director of Bird group as Peter Lucas stepped down.

Second step targets reduction of  annual costs by more than 4.5 million sterlings through cutting salaries of foreign top and middle management as well as closure of high-cost stores to be replaced by less expensive ones for featured sites  improve the company’s margins.

Knowing that Mr Mohamed Talaat “Investment manager” holds the corporate governance & operational operations development for Bird.

Moreover , Debenhams “Bird customer “  announced before a plan to open 17 new store in the United Kingdom during five years adding to extension of  online sales to more than 30 countries which offers 1,700 jobs and add more than 150 million sterling.