Selfridges to cut 450 jobs as sales tumble
Selfridges has told staff it plans to cut 450 jobs or around 14% of its total headcount as annual sales are set to be "significantly less" than in 2019 because of the pandemic.
Managing director Anne Pitcher said the upmarket retailer was forced to make "fundamental changes" as the high street struggles to keep up with the evolving consumer demands due to Covid-19.
She promised staff who are on furlough that the fact they were not working now would have no effect on whether their role would be impacted.
Pitcher also promised staff they would receive more information on Wednesday.
"As a creative business at the forefront of retail, we have a proud history of leading the way, however the speed and magnitude of what is happening right now and the impact on trading means we must make some more fundamental changes to our organisation to stay ahead and realise a more sustainable future," she said.
"Like many others, we are feeling the effects and acknowledge that recovery will be slow, with sales this year forecast to be significantly less than they were in 2019. It will, without doubt, be the toughest year we have experienced in our recent history."