WHSmith in talks to axe 1,500 jobs as revenues drop by 57%

WHSmith said its restructuring plans will see 1,500 jobs go across the business, with proposals expected to cost the company between £15 million and £19 million.

Wednesday, 5th August 2020, 10:13 am
Updated Wednesday, 5th August 2020, 10:15 am

The retailer said group revenues were down 57% in July compared with the same month last year, after its travel arm was particularly badly hit by the pandemic.

It said it now expects to make a loss of between £70 million and £75 million for the year to August.

WHSmith group chief executive Carl Cowling said: "In our travel business, while we are beginning to see early signs of recovery in some of our markets, the speed of recovery continues to be slow.

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WHSmith in Cleveleys

"At the same time, 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, and we will do everything we can to support them at this challenging time."