Burberry is to close its Rotherham factory, with up to 290 potential redundancies, the luxury fashion brand announced this morning.
The potential job losses come on top of around 250 job cuts the company expects in Spain as it tries to cut costs in the face of the difficult conditions which saw its sales drop 3% in the last three months of the year.
The luxury brand is not the only company to announce plans for job cuts so far this week.
Yesterday electrical goods retailer Empire Direct appointed administrators, with the loss of 158 jobs and closure of 14 stores. Empire markets itself as the UK’s largest independent retailer of electrical goods
There were reports in the Swiss press that UBS is cutting as many as 5,000 jobs. It is thought that some of these could be cut from Britain.
While not announcing more job cuts, Jaguar Land Rover said yesterday that it would be halting work at its car factory in Castle Bromwich, Birmingham, for another two weeks. The plant employs 3,500 people.
Gordon Brown said yesterday that the government’s bank bailout sequel would help small businesses get credit and therefore save jobs. But his comments were overshadowed by a report from think tank, the Ernst & Young ITEM Club, which warned that unemployment will soar to 3.4 million as the crisis deepens.
Source : CityWire
[tags : recession bankrupt collapse retrenchment financial news collapse stagnation economic slowdown financial collapse world recession global recession layoff job cut]
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