Arcadia Group

Type
Internal restructuring
Country
United Kingdom
Region
London; Inner London - West;
Location of affected unit(s)
London
Sector
Professional Services
70 - Activities of head offices and management consultancy
70.1 - Activities of head offices
70.10 - Activities of head offices
500 jobs
Number of planned job losses
Job loss
Announcement Date
1 July 2020
Employment effect (start)
Foreseen end date

Description

Arcadia, the UK-based multinational fashion retailer has announced plans to cut 500 jobs at its head offices in London to compensate for the loss of profits in the wake of the COVID-19 pandemic.

The chief executive officer said the restructure of the head offices was necessary to ensure cost savings and added the company 'will do everything it can to support them'.

The group placed 14,500 of its 16,000 employees on temporary paid leave under the UK government’s Coronavirus Job Retention Scheme in March 2020 and cut the pay of senior management in response to the COVID-19 crisis.

Arcadia is a British multinational retailing companies, owing seven brands, including Topshop and Miss Selfridge, and with 550 stores in the UK.

Sources

Citation

Eurofound (2020), Arcadia Group, Internal restructuring in United Kingdom, factsheet number 101416, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/101416.