WH Smith to cut 1,500 jobs as sales plummet
WH Smith could cut up to 1,500 jobs after lockdown caused sales to plummet.
In a trading statement, the group said its revenue was down 57 per cent in July compared with the same month last year.
It's expected to make losses of between £70million and £75million.
WH Smith owns 575 shops and employs more than 14,000 people.
It saw revenue at airports and train stations worst hit, falling by over 90 per cent in the first month of lockdown.
The high street newsagent said that the decision had been 'difficult' and it is commited to supporting colleagues throughout the process.
WH Smith group chief executive, Carl Cowling, said: “Covid-19 continues to have a significant impact on the WH Smith Group.
"Throughout the pandemic, we have responded quickly and taken decisive actions to protect the business including substantially strengthening our financial position. We have also welcomed support from government where available."
He said: “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.”