Mulberry Restructures as Sales Slump

Mulberry is cutting a quarter of its head office staff, as the beleaguered British luxury handbag maker reported that half-year sales slumped by almost a fifth and losses had widened.

The company, which last month rejected a £111 million bid from 37 percent shareholder Mike Ashley’s Frasers Group, is in the process of cutting 85 roles from the 350 staff employed in corporate functions.

Most of the job cuts will come from its head office in Kensington, west London, although there are a some…