@peter_IFAMAG reads Twitter so you don’t have to.
WH Smith announces shop closures, along with Pizza Express. However, it is not just the UK that is seeing established businesses laying off staff.
WH Smith will axe 1,500 jobs. Mostly from their train station and airport operations.
NEW: WH Smith will axe up to 1,500 jobs as it prepares to shut stores, citing 'impact on passenger numbers and lower footfall on the UK high street'.
Sales down 73% in July and company will post a loss of more than £7om in the year to the end of August.
— Tom Witherow (@TomWitherow) August 5, 2020
Pizza Express has accrued over £1bn in debt and will close 67 outlets.
https://twitter.com/Paul_Stocks_IFA/status/1290703608250605570
However, it is not just UK business feeling the pinch; ‘German Dixons’ lays off 3,500 employees.
It's not just UK retailers. Ceconomy, the "Deutsche Dixons", is considering a restructuring plan that would involve 3,500 job losses, store closures and €180m in one-time charges
— Jonathan Eley (@JonathanEley) August 5, 2020
Research from Indeed UK suggests ‘job seekers already starting to adapt to a jobs market that has turned completely on its head.’
Worrying to see competition growing even more for low-paid jobs in July when it was already fierce, given how limited vacancies are and the scale of job losses happening right now. Interesting research from Indeed UK https://t.co/al6R85c1Ig
— Tom Belger (@tom_belger) August 5, 2020
FT Adviser highlights the winners in the current economic climate.
Research shows some advice firms have seen new business rise 30% in lockdown while others saw theirs drop 70% https://t.co/qvF2wbQX5F
— FTAdviser (@FTAdviser) August 5, 2020
Elsewhere Josephine Cumbo praises the UK’s move to sure up long term savings through the pandemic. However, she highlights other vital areas for concern.
The UK’s quick moves to back up long-term savings during Covid-19 have been welcome, but more thought is needed on how to support older workers through job losses and an onslaught of scams, writes FT pensions correspondent @JosephineCumbo – https://t.co/ZLjCR6k5km pic.twitter.com/X7LTmhpEn3
— Pensions Expert (@pensions_expert) August 5, 2020
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