The reason was the desire of large companies to reduce costs, as well as many bankruptcies.
British retailers have cut about 15,000 employees since the beginning of 2023. The reason was the desire of large companies to reduce costs, as well as many bankruptcies.
According to the Centre for Retail Research, 11.7 thousand jobs were cut by retailers to reduce costs due to high inflation in the country. Asda and Tesco are among the retail chains that have cut jobs en masse. Another 3,200 employees lost their jobs due to the bankruptcies of several retailers.
The study only considered jobs at companies with ten or more stores in the UK Experts note that the actual number of layoffs nationwide could be much higher.
Since the beginning of the year, bankruptcy was announced for the clothing chain M&Co and Tile Giant, as well as the retailer of stationery Paperchase. Analysts point out that the country’s retail industry has been in crisis “for over a decade.”
This year alone, major and mid-sized retail companies have cut over 17,000 jobs.
Sephora is now trimming its staff by less than 3%, or under 120 jobs.
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