As part of its cost-cutting measures, footwear company Schuh has started a voluntary redundancy procedure among its employees.
Colin Temple, president of Schuh, stated, “Our people have been and will continue to be our most valuable resource at Schuh. We have made the tough choice to restructure our company because of the persistently poor economic climate and growing expenses.”
“In certain business divisions, we are undergoing a voluntary redundancy process. We will not be making any more comments at this time out of consideration for our employees”, he added.
Temple did not specify which departments were at risk or how many employees the process would affect.
Schuh’s financial year of 2023 revealed a 7.4 per cent gain in turnover in the UK, despite the company currently appearing to be having trouble maintaining excellent success.
The company also disclosed in the report that it had increased its workforce to 4,369 by hiring 400 new workers during that time.
Despite this, and given the challenging trading conditions, Schuh reiterated its plan to examine its store portfolio to make sure it could adjust to the present climate. The business had 121 locations in all areas as of the end of 2023.
