EMCC European Monitoring Centre on Change

Harrods

Company/Organisation:
Harrods

Geographic Location

Country: United Kingdom
Region: Inner London - West; Inner London; London
Location of affected unit(s): London

Company

Sector: Retail
Wholesale and retail trade; repair of motor vehicles and motorcycles
47.19 - Other retail sale in non-specialised stores
Number Employed: 4800

Employment Effects

Announcement Date: 01-07-2020
Planned Job Reductions min: 672
Planned Job Reductions max: 672
Type of Restructuring: Internal restructuring

Additional Information

Harrods, the British luxury department store has announced plans to restructure the business, leading to 672 jobs being cut (14% of its workforce).  According to media sources, jobs in cafes and beauty services located within the department store are likely to be some of the most affected.

The chief executive officer said the social distancing measures and the reduction in the number of tourists visiting the store had 'a huge impact' on the business.

Harrods is the largest and most famous department stores in Europe, currently owned by the Qatar Investment Authority, the sovereign wealth fund of the State of Qatar.
 

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