British fashion company Burberry Group Plc is expected to cut hundreds of jobs, mostly in the UK, as its share price plummets, The Daily Telegraph reports.
Affected employees were told they faced layoffs or had to reapply for positions, the newspaper reported, but did not disclose where they obtained the information during a Zoom meeting in late June.
Burberry has reportedly begun a 45-day consultation, suggesting hundreds of jobs could be cut.
It is understood union officials are coordinating layoff solutions with a selected group of employees. Employees fear up to 400 jobs could be at risk. Burberry declined to comment to The Daily Telegraph.
According to Burberry’s latest annual report, in the 2023-24 financial year, Burberry employed an average of 9,169 full-time employees.
The cuts follow a reported 500 job cuts in 2020, as the iconic windbreaker maker sought to save 55 million pounds ($70.5 million) amid pressure from the pandemic.
