British fashion house Burberry Group Plc is reportedly expected to cut hundreds of jobs, primarily in the UK, following a significant decline in its stock market value.
According to the report, employees were informed during a Zoom meeting in late June, that those affected being told they were facing redundancy or would need to reapply for their roles.
Burberry has reportedly initiated a 45-day consultation, indicating that hundreds of positions could be eliminated.
Union officials are said to be coordinating redundancy settlements with a select group of employees, with fears that up to 400 jobs could be at risk. Burberry declined to comment to the Telegraph.
According to its most recent annual report, Burberry employed an average of 9,169 full-time equivalent workers during the 2023-24 fiscal year.
These reported cuts would follow the 500 positions eliminated in 2020, when the iconic apparel brand aimed to save £ 55 million (US $ 70.5 million) amid pressures from the pandemic.
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