In addition to deleting a Contact, you are also able to mark them as 'Left Company'. This retains all of the information about the Contact as well as retaining any records which have been created under it.
Once you have loaded the required Contact record select the 3 dots on the right hand side and then pick 'Left Company'.
This will then show the following display.
If you need to restore the Contact simply select the 'Rejoined' button on the right. When you then view a list of Contacts at the Division, you will see that the Contact in question has a new status applied to it.
For more information about marking a Contact as Left Company, please see our video below.