Superdry to cut HQ jobs to save millions
In-the-spotlight fashion retailer Superdry is planning to axe up to 200 jobs at its head office as part of a cost-cutting scheme designed to generate £50 million worth of savings over three years.
The company, which is working on turning around its fortunes while also trying to fight off an attempt to return to the helm on the part of co-founder Julian Dunkerton, is currently consulting with staff on the job losses. It has been reported that the number will be more than 100 but less than 200.
The company's head office is in Cheltenham, Southern England and currently employs around 1,000 people, who have been on tenterhooks since December as the company flagged a cost-cutting plan when it delivered its interim results back then.
At the time, it had focused on its intention to close or downsize stores and (like the rest of the retail sector at present) seek rent reductions where they could be had. But job cuts were also always likely to be on the agenda given that payroll is one of the biggest fixed costs the firm has.
In an email sent to Superdry staff on Monday and seen by the Evening Standard, CEO Euan Sutherland said that with the cost savings, “jobs are likely to change and there will be some job losses.”
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