Retail giant Selfridges has told staff it plans to cut 450 jobs as it warned annual sales are expected to be “significantly less” than last year due to the pandemic.
The upmarket retailer said it will reduce its total headcount by 14% to cope with the impact of the virus and subsequent lockdown.
In a message to staff, group managing director Anne Pitcher warned the recovery will be “slow”, stressing 2020 will be “the toughest year we have experienced in our recent history”.
The boss said high streets were changing even before Covid-19 and the business has now been forced to make “fundamental changes”.
She said: “As you would expect at such a critical time, we have been carefully examining every aspect of our business – our structures, our costs, our ways of working – from top to bottom, leaving no stone unturned to ensure we are fit for purpose and the future.
“This has involved reviewing all non-essential expenses as well as pausing projects and initiatives where prudent to do so.
“The task ahead is significant and, as we look to reinvent retail and prepare to build back, we will need to go further.”
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