This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at https://www.bbc.co.uk/news/business-53661767
The article has changed 8 times. There is an RSS feed of changes available.
| Version 2 | Version 3 |
|---|---|
| WH Smith may cut 1,500 jobs after sales plummet | WH Smith may cut 1,500 jobs after sales plummet |
| (about 1 hour later) | |
| WH Smith is considering cutting 1,500 jobs - 11% of its workforce - after lockdown caused sales to plummet. | WH Smith is considering cutting 1,500 jobs - 11% of its workforce - after lockdown caused sales to plummet. |
| A trading update said it expected to make losses of between £70-75m. | A trading update said it expected to make losses of between £70-75m. |
| The company said it had been a very difficult decision. It said it was committed to supporting colleagues throughout the process and ensuring it was conducted fairly. | The company said it had been a very difficult decision. It said it was committed to supporting colleagues throughout the process and ensuring it was conducted fairly. |
| The newsagent is the latest High Street name to consider radical action amid the chaos caused by the coronavirus. | The newsagent is the latest High Street name to consider radical action amid the chaos caused by the coronavirus. |
| The company, which has 575 High Street shops and employs more than 14,000, saw revenue at its worst-hit divisions, those at airports and rail stations, fall by 92% in the first month of lockdown. | |
| Its best performing division, the High Street, was still 25% down on last year in July after lockdown eased. | Its best performing division, the High Street, was still 25% down on last year in July after lockdown eased. |
| Just over half of its 600 UK travel sites, which include those at railway stations, airports and hospitals, are now open. | |
| It said 246 of its largest sites had now reopened. | |
| Retail woes | |
| The announcement comes after William Hill said 119 of its High Street betting shops would not re-open after the shutdown forced by the coronavirus outbreak. | The announcement comes after William Hill said 119 of its High Street betting shops would not re-open after the shutdown forced by the coronavirus outbreak. |
| WH Smith, which made £155m in profit last year, said the job cuts and associated restructuring would cost it between £15-19m, but added it had enough funds to get through a prolonged downturn. | |
| WH Smith group chief executive, Carl Cowling, said: "While there has been some progress in our High Street business, it does continue to be adversely affected by low levels of footfall. | |
| "As a result, we now need to take further action to reduce costs across our businesses. I regret that this will have an impact on a significant number of colleagues whose roles will be affected by these necessary actions." | "As a result, we now need to take further action to reduce costs across our businesses. I regret that this will have an impact on a significant number of colleagues whose roles will be affected by these necessary actions." |
| He added that the company would do "everything we can to support them at this challenging time". | He added that the company would do "everything we can to support them at this challenging time". |
| News of the latest cuts comes after a wave of retail redundancies. On Monday, DW Sports said up to 1,700 jobs were at risk. John Lewis, Marks & Spencer, Boots and Selfridges are among other big names to announce a jobs shake-up. | |
| The restaurant sector has also been hit hard, with Pizza Express warning on Tuesday that 1,100 jobs could go as part of a restructuring that could see 15% of outlets shut. | |
| And the travel and tourism sector continues to suffer, with Hays saying on Monday that almost 900 jobs would go. | |
| Are you a WH Smith employee? Share your stories by emailing haveyoursay@bbc.co.uk. | Are you a WH Smith employee? Share your stories by emailing haveyoursay@bbc.co.uk. |
| Please include a contact number if you are willing to speak to a BBC journalist. | Please include a contact number if you are willing to speak to a BBC journalist. |
| Or use the form below: | Or use the form below: |