Asos mothballs Midlands warehouse after revenue slump

Online fashion giant Asos decided to mothball one of its Midlands warehouses as it transformed its operations to cope with falling revenues.
Asos said its revenue fell by 10% to £3.5bn in the year to the start of September.
The retailer has owed to get “back to fashion” to target its young market – but the group has also needed to reduce its stock and costs to improve its profitability. It cut stock levels by around 30% over the past year and and plans another 16% reduction over this financial year.
That means large parts of its Lichfield warehouse remained empty so Asos is to mothball the site. The company says the move will save it some £20m a year while giving it the opportunity to sell or or reopen it in the future if needed.
Chief executive Jose Antonio Ramos Calamonte sa …