Selfridges has outlined plans to cut 450 roles across its business, equating to a 14% reduction of its total headcount.
Managing director, Anne Pitcher, warned staff of the proposed redundancies as the group predicted “significantly less” sales in the coming year.
Pitcher reportedly told staff that those currently placed on furlough will not be at a greater risk of being affected by the cuts.
In an email seen by Sky News, Pitcher said: “How we work, shop and socialise is changing. Of course, our high streets were changing rapidly before Covid-19 arrived.
“As a creative business at the forefront of retail, we have a proud history of leading the way, however the speed and magnitude of what is happening right now and the impact on trading means we must make some more fundamental changes to our organisation to stay ahead and realise a more sustainable future.”
She added: “Like many others, we are feeling the effects and acknowledge that recovery will be slow, with sales this year forecast to be significantly less than they were in 2019. It will, without doubt, be the toughest year we have experienced in our recent history.
“As a family business, the hardest decisions are the ones that affect our people, which is why it pains me to share news today of the toughest decision we have ever had to take that we will, very regrettably, need to make a 14% net reduction in our overall headcount, approximately 450 roles.”