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WH Smith has said it could axe up to 1,500 jobs after the pandemic pushed down the number of customers going into its stores.
The retailer is looking to restructure the businesses after sales dropped by 57 per cent in July compared with the same month last year.
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The magazine and stationary store chain said that its travel arm has been worst hit but the impact of the Covid-19 outbreak.
It added that while shoppers were coming back to branches in airports and train stations it isn’t near the levels seen before the coronavirus crisis.
The proposed restructure is believed to cost the company between £15 million and £19 million.
The retailer said it now expects to make a loss of between £70 million and £75 million for the year to August.
If the job cuts go ahead, it will be the latest blow to the high street following lockdown.
WH Smith chief executive, Carl Cowling, said that footfall is also low in its high street stores.
In a statement he said: “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, and we will do everything we can to support them at this challenging time.”
More to follow…
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