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Retail workers make up bulk of 50,000 job cuts so far this year

sancho panza

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sancho panza


'The current challenges facing the high street has played a significant role in contributing to the colossal 50,000 job losses in the UK this year, according to research.

Data from the Press Association shows that approximately 50,000 staff have been made redundant or seen their role put under threat, with the bulk of them working for retail chains.

In the past few weeks alone, House of Fraser has put more than 6000 jobs at risk with its controversial CVA, while Poundworld has plunged into administration, endangering a further 5100.

It adds to the thousands of job losses from the collapse of Toys R Us UK and Maplin earlier this year, as well as thousands of jobs at stake in CVAs from New Look, Mothercare, Carpetright and The Original Factory Shop.

Meanwhile, high street dining staples such as Prezzo, Byron, Carluccio’s, Strada and Jamie’s Italian have shut restaurants and culled hundreds of jobs.

Retailers have been hit by Brexit-fuelled inflation, soaring business rates and falling consumer confidence.

Separate data from turnaround specialist firm Alvarez and Marsal shows that the number of UK companies filing for insolvency – whether it be administration or CVA – is expected to grow year, especially within the retail sector.'

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