London’s iconic luxury store Harrods to cut more than 700 jobs in the wake of COVID-19


COVID-19 had affected several industries across the globe and it’s the luxury sector that’s bearing the biggest brunt of all. In responding to the ongoing pandemic and the financial doldrums that it has brought with it, luxury British departmental storeHarrods is set to cut out more than 700 jobs.

In an email to the store’s staff, Harrods chief executive Michael Ward stated that 680 jobs out of its 4800-strong workforce – or around 14 percent – will be discharged. Those affected will primarily be in parts of business that have been most affected by the pandemic in terms of revenues.

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Commenting on the move, Ward in a statement said, “The necessary social distancing requirements to protect employees and customers are having a huge impact on our ability to trade, while the devastation in international travel has meant we have lost key customers coming to our store,” He further added, “I am sorry to say that after exploring every option available, we now recognize that we need to make changes to our operational structure.”

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Harrods flagship store in Knightsbridge was forced to shut down for three months as part of a nationwide lockdown. Ironically though, the marquee will soon be opening its first outlet store in Westfield London to move the excess stock accumulated during the past few months for sale. Well, here’s hoping for the luxury sector to gain speed soon enough!

[Via: Reuters India]