Ted Baker to cut 500 jobs as pandemic losses add to financial woe

Ted Baker to cut 500 jobs as pandemic losses add to financial woe

The style retailer Ted Baker is to ax at the very least 500 jobs – greater than 1 / 4 of its UK workforce – because the pandemic continues to batter the excessive avenue.

It’s understood that about 200 of the roles will go on the retailer’s London headquarters, the Ugly Brown Constructing, with the rest from its outlets – it has 46 within the UK and Europe – and retailer concessions.
The coronavirus lockdown has prompted a few of the UK’s most distinguished firms to announce large-scale job losses. The aviation, automotive and retail sectors have been among the many worst hit, as companies alter to dramatically decreased income projections.

Whereas the federal government’s job retention scheme has thus far protected hundreds of thousands of jobs, fears are mounting that unemployment will rise as this system begins to be phased out from August.

Since lockdown started on 23 March, a few of the UK’s largest firms have introduced plans to chop a complete of 60,000 jobs globally, a lot of which can fall within the UK.

Marks & Spencer – 950 jobs
20 July: The excessive avenue stalwart cuts administration jobs in shops in addition to head workplace roles associated with property and retailer operations.

Ted Baker – 500 jobs
19 July: About 200 roles to go on the style retailer’s London headquarters, the Ugly Brown Constructing, and the rest at shops.

Azzurri – 1,200 jobs
17 July: The proprietor of the Ask Italian and Zizzi pizza chains closes 75 eating places and makes its Pod lunch enterprise supply solely

Pizza Categorical – 1,000-plus jobs
16 July: The restaurant chain plans the closure of 75 eating places as a part of a rescue restructures the deal.

Burberry – 500 jobs worldwide
15 July: Whole consists of 150 posts in UK head workplaces as the posh model tries to slash prices by £55m after a hunch in gross sales in the course of the pandemic.

G4S – 1,150 jobs
13 July: The safety firm G4S plans to make 1,150 workers redundant because it scales again its struggling money dealing with enterprise and contends with pandemic-hit money utilization.

Boots  4,000 jobs
9 July: Boots is cutting 4,000 jobs – or 7% of its workforce – by closing 48 optician shops and lowering workers at its head workplace in Nottingham in addition to some administration and customer support roles in shops.

John Lewis  1,300 jobs
9 July: John Lewis introduced that it’s planning to permanently close eight of its 50 shops, together with full shops in Birmingham and Watford, with the seeming lack of 1,300 jobs.

Celtic Manor  450 jobs
9 July: Bosses on the Celtic Assortment in Newport, which staged golf’s Ryder Cup in 2010 and the 2014 Nato Convention, stated 450 of its 995 staff will lose their jobs.

DHL  2,200 jobs
7 July: Some 2,200 UK logistics staff concerned in making Jaguar Land Rover autos are set to lose their jobs. About 40% of DHL’s workers employed on the contract for the carmaker.

Attain  550 jobs
7 July: The proprietor of the Every day Mirror, Every day Categorical and Everyday Star newspapers is to chop 550 jobs, 12% of its workforce, amid decreased demand for promoting in its titles.

Pret a Manger  1,000 jobs
6 July: Pret a Manger is to permanently close 30 branches and will reduce at the very least 1,000 jobs after struggling “vital working losses” because of the Covid-19 lockdown

Informal Eating Group  1,900 jobs
2 July: The proprietor of the Bella Italia, Café Rouge, and Las Iguanas restaurant chains collapsed into administration, with the quick lack of 1,900 jobs. The corporate stated several affords had been on the desk for elements of the enterprise. However, patrons didn’t wish to purchase all the existing websites, and 91 of its 250 shops would stay completely closed.

Arcadia  500 jobs
1 July: Arcadia, Sir Philip Inexperienced’s troubled style group – which owns Topshop, Miss Selfridge, Dorothy Perkins, Burton, Evans, and Wallis – started in July 500 head office jobs out of two,500 would go within the coming weeks.

SSP Group  5,000 jobs
1 July: The proprietor of Higher Crust and Caffè Ritazza is to ax 5,000 jobs, about half of its workforce, with cuts at its head workplace and throughout its UK operations after the pandemic stalled home and worldwide journey.

Accenture  900 jobs
1 July: The New York-listed consultancy agency is making 900 job cuts in any respect ranges throughout 11,000 UK staff within the face of lower demand for its companies.

Harrods  700 jobs
1 July: The division retailer group is cutting one in seven of its 4,800 staff because of the “ongoing impacts” of the pandemic.

Airbus  1,700 jobs
30 June: The European planemaker introduced plans to cut 15,000 jobs. together with 1,700 within the UK, because it warned the coronavirus pandemic had triggered the “gravest disaster” in its historical past.

Harveys  240 jobs
30 June: Directors made 240 redundancies at furnishings chain Harveys with greater than 1,300 jobs in danger if a purchaser can’t be discovered.

TM Lewin  600 jobs
30 June: Shirtmaker TM Lewin closed all 66 of its outlets completely with the lack of about 600 jobs.

Royal Mail  2,000 jobs
25 June: Royal Mail has introduced a cost-cutting plan that will involve slashing about 2,000 jobs or one in 5 of its near-10,000 administration roles.

Swissport  4,500 jobs
24 June: Swissport, which handles passenger baggage and cargo for airways, has begun a session course to make 4,556 workers redundant, greater than half of its 8,500 UK workforce.

Jaguar Land Rover  1,100 jobs
15 June: The UK’s largest automobile producer has cut 1,100 contract workers at manufacturing crops in Merseyside and the West Midlands.

Travis Perkins  2,500 jobs
15 June: The builders’ service provider, which is behind DIY retailer Wickes and Toolstation, is cutting 2,500 jobs within the UK, accounting for nearly a 10th of its 30,000-strong workforce.

Centrica  5,000 jobs
11 June: The proprietor of British Fuel introduced in June that it intends to cut 5,000 jobs – 1 / 4 of its UK workforce – in most senior roles, and take away three layers of administration.

Johnson Matthey  2,500 jobs
11 June: The chemical compounds firm, a significant provider of catalytic converters for automobiles, plans to make 2,500 redundancies worldwide over the subsequent three years, 17% of its workforce.

Bombardier  600 jobs
11 June: The Canadian aircraft maker will cut 600 jobs in Northern Eire, as a part of 2,500 redundancies introduced in June.

Monsoon Decorate  545 jobs
11 June: The style manufacturers had been bought out of administration by their founder, Peter Simon, in June, in a deal that noticed 35 shops shut completely and led to the lack of 545 jobs.

BP  2,000 jobs
Eight June: The oil firm stated in June it plans to make 10,000 people redundant worldwide, together with an estimated 2,000 within the UK largely in workplace roles, by the top of the 12 months.

Mulberry  470 jobs
Eight June: The elegant style and equipment model stated in June it’s to chop 25% of its global workforce and has begun a session with the 470 workers in danger.

Bentley  1,000 jobs
5 June: The Crewe-based luxurious carmaker intends to shrink its workforce of 4,200 by almost a quarter, slashing 1,000 roles by a voluntary redundancy scheme.

Aston Martin Lagonda  500 jobs
Four June: The Warwickshire-based luxurious automobile producer, struggling even earlier than the pandemic, has announced 500 redundancies.

Lookers  1,500 jobs
Four June: The automobile dealership chain stated it plans to chop 1,500 jobs and shut 12 dealerships simply days after automobile showrooms had been allowed to reopen in England.

Rolls-Royce  9,000 jobs
Three June: The jet-engine producer has confirmed that 3,000 job cuts, of a deliberate 9,000 worldwide, will probably be made in websites within the UK.

The Restaurant Group  3,000 jobs
Three June: The proprietor of eating chains similar to Wagamama and Frankie & Benny’s has closed most branches of Chiquito and all 11 of its Meals & Gasoline pubs, with one other 120 eating places to shut completely. Total job losses might attain 3,000.

EasyJet  4,500 jobs
28 Might: The airline has introduced plans to cut 4,500 employees, or 30% of its workforce because it ready to decrease demand.

McLaren  1,200 jobs
26 Might: McLaren Group, the Formulation One group proprietor and maker of supercars, cut 1,200 jobs because it scrambled to save lots of money.

Clarks  900 jobs
21 Might: Clarks plans to cut 900 office jobs worldwide because it grapples with the expansion of on-line shoe procuring in addition to the pandemic.

Ovo Vitality  2,600 jobs
19 Might: Britain’s second-biggest vitality provider introduced in Might it deliberate to cut 2,600 jobs and shut workplaces after the lockdown noticed extra of its customer support transfer on-line.

JCB  900 jobs
15 Might: Digger maker JCB said in May, up to 950 jobs were at risk after the demand for its machines halved because of the coronavirus shutdown.

Tui  8,000 jobs
13 Might: Journey firm Tui plans to chop up to 8,000 jobs worldwide in response to the coronavirus chaos engulfing the tourism trade.

Virgin Atlantic  3,000 jobs
5 Might: Richard Branson’s airline is to cut more than 3,000 jobs, greater than a 3rd of its workforce, and can shut its operations at Gatwick.

Ryanair  3,000 jobs
1 Might: The Irish airline intends to slash 3,000 roles and scale back workers’ pay by as much as a fifth.

Aer Lingus  900 jobs
1 Might: The Irish flag provider, a part of Worldwide Airways Group (IAG), plans to chop 900 jobs.

Oasis and Warehouse  1,800 jobs
30 April: The style manufacturers had been purchased out of administration by restructuring agency Hilco in April, with all of their stores completely closed and the lack of greater than 1,800 jobs.

British Airways  12,000 jobs

28 April: The UK flag provider plans to make up to 12,000 of its staff redundant, a discount of 1 in 4 jobs on the airline, with cabin crew, pilots, and floor workers affected.

Meggitt  1,800 jobs

23 April: British engineering firm Meggitt plans to shed about 1,800 jobs making elements for industrial aviation.

Safran  400 jobs

23 April: French plane seat maker Safran made 400 job cuts at its UK operations, together with a plant in Cwmbran.

Cath Kidston  900 jobs

21 April: Greater than 900 jobs are to be axed with quick impact at retro retail label Cath Kidston after the corporate stated it was completely closing all 60 of its UK shops.

Debenhams  4,000 jobs

9 April: Not less than 4,000 jobs will probably be misplaced at Debenhams in its head workplace and closed shops, following its collapse into administration in April, for the second time in 12 months.

Laura Ashley  2,700 jobs
17 March: Laura Ashley collapsed into administration with 2,700 job losses and stated rescue talks had been thwarted by the pandemic.

Photograph: Bloomberg

A spokesman for the retailer stated it might affirm that “as a part of our persevering with transformation plan, we’ve got been assessing the suitable stage of staffing throughout our enterprise and are in session with affected colleagues.” Each part-time and full-time roles are affected.

The transfer, first reported by the Sunday Instances, caps a troublesome few months for the enterprise. On 1 June, it revealed that the coronavirus pandemic had prompted revenues to hunch by 36% between 26 January 2020 and a pair of Might, with shops and branches closed by authorities order.

These newest job losses are on prime of 160 already announced in February. These reductions, predominantly affecting workplace staff, had been described as the primary stage of a restructuring designed to place the enterprise again on observe. In January these 12 months, the corporate had a UK workforce of two,025.

Ted Baker reported a loss earlier than a tax of £79.9m within the 12 months to 25 January, earlier than the pandemic began to have an effect on gross sales and a 1.4% fall in revenues. That compares to a £30.7m revenue 12 months earlier than.

The turnaround plan for the enterprise, launched in June, included broadening the model’s providing to make its clothes “extra related to all day/week events” and promoting extra equipment and sneakers. The corporate additionally stated it could make investments extra in updating its web site, which had supplied a brilliant spot in the course of the lockdown.

Commenting on the most recent cuts, the spokesman stated: “We’ve got not taken this resolution calmly and wish to thank all our colleagues for his or her laborious work and dedication. Nevertheless, we imagine that it is obligatory to remodel Ted Baker and create a new sustainable enterprise sooner or later.”

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