Retailers are living in turbulent times – and a frenetic Friday has only added to the sense of struggle.
First, Retail Week revealed that Wilko had shed 1,000 jobs following a consultation involving almost 4,000 store staff.
The value retailer has accepted 1,030 applications for voluntary redundancy from store staff and has laid off 19 further workers who could not be redeployed.
And this afternoon it emerged that Jigsaw’s controlling shareholder John Robinson is exploring options to sell a majority or minority stake in the business as it faces into a turbulent retail landscape.
The duo are not alone in having to move quickly to adapt to challenging trading conditions.
Earlier this week, we revealed that New Look had axed almost 400 store management roles – and that came just a week after Sainsbury’s said it was slashing 2,000 jobs.
But there is likely to be further turbulence ahead – and the Christmas trading period could be more crucial than ever for retailers currently feeling the heat.
Quote of the day
“There have been a number of approaches directly to Jigsaw, around the purchase of a minority or majority stake. No sale process has been activated but we continue to have conversations with interested parties.”
A Jigsaw spokeswoman on news that the chain’s owner John Robinson is exploring options for the business
Today in numbers
The slump in operating profit suffered by Amazon in its third quarter.
The discretionary weekly spend of the average household in September.
Good luck for weekend trading.
Luke Tugby, head of content