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Hamleys sacks finance director after 2017’s £12 million loss

The iconic toy shop, Hamleys has sacked its finance director Alex Jablonowski after swinging to a loss last year.

The announcement was made to staff via the retailer’s chief executive Ralph Cunningham who said that Jablonowski would be leaving with immediate effect.

He will be replaced by Yong Shen, the former financial officer of House of Fraser, later this month.

A former finance head of Tesco, Jablonowski was brought in 18 months ago to lead Hamleys; turnaround, however, in 2017 the firm was subjected to one of its worst years since it was founded in 1760.

While trading has reportedly picked up this year, the finance director is still leaving earlier than expected. It coincides with the recent struggles the UK high street has endured over the last two years as well as a decrease in consumer spending.

In 2017, Hamleys suffered a £12 million loss from a £2.6 million profit the year before. The retailer is now being forced to close loss-making stores across the UK. 

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