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.”