Reported about 1 year ago
British luxury brand Burberry Group, which previously reported a 34% decline in operating profit in 2023 resulting in a significant loss of market value, is now rumored to be cutting hundreds of jobs in the UK to boost profits and reduce costs. Amid a 45-day consultation period, employees face potential layoffs or the need to reapply for positions. The increased debt of Burberry is attributed to declining profitability and their decision to implement a £400 million share buyback scheme in October 2023. The company's CEO cited a decline in performance but also attributed it to government-imposed tourist taxes affecting brand performance.
Source: YAHOO