According to the Telegraph, British fashion company Burberry Group Plc is likely to cut hundreds of jobs, the most of which would be in the UK, as a result of a significant decline in its stock market valuation.
The impacted employees were notified during a Zoom conference in late June that they would either have to reapply for their positions or face redundancy, according to the newspaper, which did not specify where it obtained the information.
According to reports, Burberry has started a 45-day consultation process, hinting to the possibility of hundreds of job cuts. It is known that union representatives are working with certain groups of workers to arrange redundancy payments. Workers worry that up to 400 jobs might be at stake. Burberry told the Telegraph that it would not comment.
Based on their most recent annual report, Burberry employed 9,169 full-time equivalent workers on average during the 2023–24 fiscal year.
The renowned trench coat manufacturer reportedly terminated 500 jobs in 2020 in an effort to save £55 million ($70.5 million) in response to pandemic-related concerns.
