7th Jul 2024 10:42
(Alliance News) - Burberry Group PLC is mulling job cuts, with hundreds of roles possibly on the chopping block, the Telegraph reported.
The luxury fashion firm has begun a 45-day consultation period, in a sign that hundreds of roles could be cut. The Telegraph reported employees are concerned that up to 400 jobs could go, largely in UK offices.
Burberry employs around 9,000 workers across the globe.
The stock is down 56% over the past year and is around 37% lower so far in 2024. Its share price slide has meant it is the smallest FTSE 100 stock by market capitalisation, putting its status in the blue-chip index under threat. Burberry has a market value of GBP3.15 billion.
https://www.telegraph.co.uk/business/2024/07/06/burberry-prepares-axe-hundreds-jobs-profits-shrink/
By Eric Cunha, Alliance News news editor
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