British retailer Made.com to shed over a third of its workforce – FT
(Reuters) – British online furniture retailer Made.com plans to let go off more than a third of its workforce, as volatile market conditions drive it to either seek a buyer or raise more money, the Financial Times reported on Thursday.
In an email to staff, Chief Executive Nicola Thompson wrote of “unprecedented levels of market disruption and prolonged market volatility,” the report said, and warned that the conditions looked likely to get tougher.
This comes as Made.com slashed its sales and earnings guidance for 2022 in July, saying it did not expect an improvement in demand for big-ticket items any time soon.
Some 35% of the company’s workforce is likely to leave, the newspaper said, adding that the consultation processes was already under way and those affected were to leave by the end of October.
Confidence levels among Britain’s consumers sank to a record this year as they struggle with the accelerating cost of living.
In line with pruning its workforce, the company also plans to consolidate its supply chains in Europe and Vietnam and close down its China operations, the report said.
Made.com declined to comment on the report when contacted by Reuters.
(Reporting by Kanjyik Ghosh in Bengaluru; Editing by Maju Samuel)