Mike Ashley's Frasers to lay off up to 200 workers to streamline business

LONDON (Reuters) - Mike Ashley's Frasers Group is set to lay off up to 200 employees, as the British retailer looks to streamline its business after making a string of acquisitions in recent years.

"We are reviewing our team structures to identify efficiencies and streamline processes, and we have entered a consultation period with colleagues affected by these changes," a spokesperson for the company, which was previously called Sports Direct, said in an e-mail.

The job cuts were first reported by the Sun last week.

Ashley - who once owned the Newcastle United football club - no longer heads Frasers but holds a roughly 70% stake in the company, which owns brands including House of Fraser, Flannels, USC and Jack Wills.

(Reporting by Muvija M, Editing by Paul Sandle)