WH Smith is set to axe 1,500 staff due to plunge in customers during pandemic – as devastating scale of Britain’s jobs bloodbath rises above 100,000 workers facing redundancy
- High street giant says the proposals expected to cost between £15m and £19m
- Group revenues were down 57% in July compared with the same month last year
- Retailer expects to make loss of between £70m and £75m for the year to August
WH Smith is set to axe up to 1,500 jobs after a plunge in customers going into its stores during the coronavirus pandemic.
The high street giant said today the proposals are expected to cost the company between £15 million and £19 million, after group revenues were down 57 per cent in July compared with the same month last year.
It is the latest victim of Britain’s jobs bloodbath, with the number of workers facing redundancy as a result of the Covid crisis now above 100,000.
WH Smith is set to axe up to 1,500 jobs after a plunge in customers going into its stores during the coronavirus pandemic
The retailer said it needed to reduce costs as its shops in airports and train stations are hit by low passenger numbers and its high street stores also suffer from low footfall.
Just over half of its UK travel shops have reopened and 246 of its largest sites have started trading again.
All of its 575 high-street stores have opened, the business said, but footfall is strongly down compared to last year.
Revenue was 57 per cent lower last month compared to July 2019, even as sites started to welcome customers back, with most of this loss coming from the travel arm.
‘We now need to take further action to reduce costs across our businesses,’ said chief executive Carl Cowling.
‘I regret that this will have an impact on a significant number of colleagues whose roles will be affected by these necessary actions and we will do everything we can to support them at this challenging time.’
The company said it now expects to make a loss of between £70 million and £75 million for the year to August.
More follows.