Job Losses
This coverage examines job losses within the UK retail sector, investigating store closures, restructuring initiatives, supplier impact, and workforce reductions. Reporting highlights trends in employment shifts, cost strategies, and executive decisions — offering insight for HR leaders, operations managers, and business executives dealing with staffing challenges and strategic planning.
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Apr- 2023 -3 AprilDepartment Stores
John Lewis pension assets plunge £2.8bn
John Lewis Partnership saw the market value of its pension assets plunge by £2.8bn last year amid a set of poor financial results. As revealed in its recent annual results, the value of the fund fell from £7.23bn to £4.42bn, largely due to a fall in the value of liability-driven…
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Mar- 2023 -29 MarchClothing & Shoes
Next acquires Cath Kidston for £8.5m with job losses expected
Next has agreed to acquire the brand name, domain names and intellectual property of Cath Kidston for £8.5m, with job cuts expected as the group is wound down and its remaining stores close. The group said the cathkidston.com domain will be licenced back to the administrators for a period of…
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20 MarchDepartment Stores
John Lewis mulls end to 100% staff ownership structure
John Lewis is considering diluting its 100% staff ownership structure in a bid to raise investment after the business faced a year of heavy losses. According to The Sunday Times, chairwoman Dame Sharon White is reportedly in the early stages of exploring a proposal to change its partnership structure in…
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16 MarchDepartment Stores
John Lewis axes bonus as losses surge to £234m
John Lewis has seen losses plummet to £234m in its full-year results, down from a loss of £27m the prior year, with the group axing its staff bonus for a second time and warning of future job losses. It comes as the impact of inflation was “felt across the business”,…
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13 MarchClothing & Shoes
Superdry appoints advisers to help cut costs
Superdry has appointed Interpath Advisory to help it cut costs after a number of profit warnings, according to reports from Sky News. Interpath is expected to focus on Superdry’s cost base and industry experts told Sky that this could cause a number of job losses. The company will also likely…
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Feb- 2023 -20 FebruaryNews
Nearly 15,000 retail jobs lost in 2023
Nearly 15,000 retail jobs have been lost since the start of the year, according to new data from the Centre for Retail Research. It found that 14,874 jobs have been lost as a result of either administration or cost cutting because of the cost of living crisis. Over 11,000 jobs…
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20 FebruarySupermarkets
Tesco explores sale of banking arm
Tesco is reportedly set to launch a review of its banking arm which could lead to the sale of the business. According to Sky News, the supermarket giant is drafting in Goldman Sachs to help advise on the future of Tesco Bank. Sources told Sky that the review was at…
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16 FebruaryHigh Street
Wilko to axe over 400 jobs as sales fall
Wilko is reportedly set to axe over 400 jobs across the company as part of plans to cut costs amid struggling sales. According to The Guardian, those affected by the cuts may include assistant store managers, retail supervisors, head office managers and call centre workers. The group reportedly told staff…
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6 FebruaryOnline & Digital
Amazon to sublet UK warehouses as growth slows
Amazon is reportedly planning to sublet its empty warehouses across the UK, as it has continued to halt growth plans after its full-year profits halved to $12.2bn (£9.9bn) in FY22. According to the Telegraph, Amazon has started subletting unused warehouse space across the country, despite estimations it opened hundreds of…
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Jan- 2023 -30 JanuarySupermarkets
Asda faces strike action after plans to cut jobs and reduce pay
Asda workers are reportedly planning strike action after the supermarket unveiled plans that could place 300 roles at risk across the business, and affect the pay of over 4,000 hourly-paid workers. A union source told Sky News that GMB representatives met last week after Asda first revealed its set of…
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