Independent department store group Fenwick is understood to have sought advice from restructuring experts in an effort to improve efficiency across the business.

According to The Times, the business is working with restructuring experts AlixPartners to improve efficiency across both its physical and online operations.

The group said it has no plans to close stores but is monitoring ongoing costs.

Towards the end of last year, Fenwick reported a decline in sales for the year ended 26 January 2024, with revenues down 5.1% to £299m from £315.3m in 2023. Pre-tax losses resulted at £38.1m, narrowing from £71.1m.