British fashion company Burberry Group PLC is expected to cut hundreds of jobs, most of them in the UK, after a sharp fall in its share price, The Telegraph reported.
The newspaper reported that employees were informed during a Zoom meeting in late June, where those affected were told that they faced layoffs or had to reapply for their jobs, without saying where it got the information.
Burberry has reportedly begun a 45-day consultation, indicating it could cut hundreds of jobs.
Union officials are understood to be coordinating layoffs with a select group of staff. Staff fear up to 400 jobs could be at risk. Burberry declined to comment to The Telegraph.
Burberry employed an average of 9,169 full-time workers during the 2023-24 financial year, according to its latest data. Annual Report.
The cuts follow 500 job cuts in 2020, when the iconic trench coat maker sought to save £55 million ($70.5 million) amid pressures caused by the pandemic.