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Mulberry mulls proposals to reduce workforce by a quarter
12 Jun '20
1 min read
Pic: JHVEPhoto / Shutterstock.com
British luxury fashion company Mulberry recently launched a consultation process on proposals to reduce employee numbers by nearly a quarter across its global business. Most of its stores across the globe have remained closed since March 24. However, it has now reopened its stores in China, South Korea, and parts of Europe and Canada, the company said.
It continues to conduct business in all markets through its digital channels. Though the digital sales performance has been good, but it cannot fully offset the fall in demand witnessed from store closures, the company said in a statement.
In line with UK government advice, the company plan to commence a phased reopening of some of its UK stores on June 15.
“We are maintaining a positive dialogue with the company's lenders to ensure we maintain a robust liquidity position. At the date of this announcement, we have net cash on hand and our borrowing facilities remain undrawn,” the statement added.
It continues to conduct business in all markets through its digital channels. Though the digital sales performance has been good, but it cannot fully offset the fall in demand witnessed from store closures, the company said in a statement.
In line with UK government advice, the company plan to commence a phased reopening of some of its UK stores on June 15.
“We are maintaining a positive dialogue with the company's lenders to ensure we maintain a robust liquidity position. At the date of this announcement, we have net cash on hand and our borrowing facilities remain undrawn,” the statement added.
Fibre2Fashion News Desk (DS)
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