Daily Mirror (Northern Ireland)
WH Smith cuts 1,500 jobs in latest High St setback
Firms race to save cash after Covid
WH Smith and fashion chain M&CO have announced plans to axe almost 2,000 jobs, as bookie William Hill said it will shut 119 shops.
The latest High Street cull comes 24 hours after Pizza Express and Currys PC World said almost 2,000 jobs will go.
Retailers have led the wave of job cuts, with many restructuring after being impacted by lockdown. WH Smith said it would lose up to 1,500 jobs as its recovery has been “slow”.
The giant newsagent said it must cut costs because of fewer customers, with revenue 57% lower last month compared with July 2019. Chief executive Carl Cowling said:“we need to take further action to reduce costs. I regret this will have an impact on a significant number of colleagues.” Around 14 shops are set to close with the majority of job losses on the shop floors of sites in railway stations and airports. M&CO said it is to shut 47 stores and axe 380 jobs.
The chain, which hired administrators in April, said it will operate with 218 stores and 2,200 employees after completing restructuring.
It believes its reduced network, focused on local high streets will secure its future.
Chief executive Andy Mcgeoch said the company took a “huge financial hit” after shutting its stores in March. He added: “We reopened most stores in
June but it quickly became clear the best way to save most jobs and stores was to enter administration, with a new company acquiring the assets. This has been finalised.” He added: “I’m desperately sorry we couldn’t have saved all the jobs.”
William Hill is closing 119 shops as it fears customers will not come back in the same numbers.
It posted profits of £141million for the first six months of this year, compared to a loss of £63million in 2019.