British fashion company Burberry Group Plc is expected to lay off hundreds of employees in 2024, with the majority of the cuts happening in the UK, as reported by The Daily Telegraph.
During an internal Zoom meeting at the end of June, affected employees were informed that they may face job cuts or have to reapply for positions.
Burberry has started a 45-day consultation period, during which hundreds of positions may be reduced.
Union officials are currently working with a selected group of employees to coordinate solutions for the layoffs. Concerns have been raised by employees that up to 400 jobs may be at risk.
Burberry declined to comment to The Daily Telegraph on the matter.
According to Burberry’s latest annual report, the company employed an average of 9,169 full-time staff in the 2023-24 fiscal year.
It was reported that the last round of layoffs occurred in 2020, where 500 positions were cut as the iconic trench coat manufacturer sought to save £55 million ($70.5 million) in expenses under the pressures of the pandemic. This current round of layoffs comes after a significant drop in Burberry’s stock.
Please note, the information provided in this article is based on reports by The Daily Telegraph and details regarding the specific number of job cuts and the impact on Burberry’s workforce may be subject to change as the situation develops.