(Bloomberg) -- British fashion house Burberry Group Plc is expected to shed hundreds of jobs, mostly in the UK, following a sharp drop in its stock market value, the Telegraph reported.
Employees were informed during a Zoom meeting in late June, with those affected told they were facing redundancy or having to reapply for their roles, the newspaper reported, without saying where it got the information. Â
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Burberry has reportedly begun a 45-day consultation, signaling that hundreds of positions could be cut.Â
It's understood that union officials are coordinating redundancy settlements with a select group of employees. Employees fear as many as 400 jobs could be at risk. Burberry declined to comment to the Telegraph.Â
Burberry employed an average of 9,169 full-time equivalent workers during the 2023-24 fiscal year, according to its most recent annual report.Â
The reported cuts would follow 500 positions slashed in 2020, when the iconic trench-coat maker sought to save £55 million ($70.5m) amid pressures from the pandemic.
See also: British Luxury Label Burberry Places First Bond Since 2020Â Â
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