WH Smith could make up to 1,500 job cuts following devastating impact on sales
National retailer WH Smith has revealed that it is considering cutting up to 1,500 jobs across the UK due to the impact the coronavirus-enforced lockdown has had sales.
Financial experts are predicting that the company will report losses that could hit up to £75m, when WH Smith will release its annual figures. Revenues fell a reported 92% during the first few months of the lockdown. This has increased in recent weeks, but will well below pre-COVID-19 levels.
The job cuts will largely be at the company’s travel sites, situated at airports, bus and railway stations. The firm has more than 550 shops – all of which have now reopened – and employs more than 14,000 people across the UK.
Group CEO Carl Cowling said: “While there has been some progress in our High Street business, it does continue to be adversely affected by low levels of footfall. As a result, we now need to take further action to reduce costs across our businesses. I regret that this will have an impact on a significant number of colleagues whose roles will be affected by these necessary actions.”