According to The Guardian, Hamleys is set to make 60 of its 208 staff working at its London store and nearby head office building redundant.
Founded in 1760, Hamleys is the world’s oldest toy shop and boasts the world’s largest toy store located on London’s Regent Street.
Unsurprisingly, sales at the toy store have reportedly suffered due to the government lockdown and travel restrictions reducing the number of tourists shopping at the store.
A source close to Hamleys told Sky News: “Regent Street relies massively on the tourist trade but there is none and the people who work in head offices around here are sitting at home. The store has always been the goose that lays the golden egg but it is suffering.”
The news comes months after it was revealed its now former chief executive, David Smith, was to step down from the position after only six months in the role.
Last year, Hamleys was sold to Reliance Brands Limited, a subsidiary of Reliance Industries – a conglomerate holding company owned by Mukesh Ambani, one of the richest men in India.