Primark announce job cuts on the way.
In Irish fashion news, high street fashion retailer Primark has said it expects to cut up to 400 jobs in the coming year due to rising costs.
Primark which is part of the Penneys retail group here in Ireland and owned by Associated British Foods (ABF) have issued a statement saying that jobs are under threat in the UK due to continuous rising costs.
Primark, who have their headquarters in Dublin, said they expect to cull their UK workforce by around 400 which will concentrate on management positions within the company.
The fashion retailer currently employs around 29,000 people across their 191 stores in the United Kingdom. This news has been issued even though the company reported a 36% year-over-year increase in sales across the UK sales which seen Primark bag an comfortable £2.67 billion in 16 week’s trading up to 8th January 2022.
However, Primark has issued a warning that while their sales are in a good place, and ahead of last year’s take, they are 10% down on pre-pandemic levels.
This news is not expected to have any knock on affect for its Irish operation with Penneys preforming quite comfortably across Ireland.
The company are still one of few fashion retailers to resist on-line trading.
With more consumers switching their spending habits to shopping online during COVID-19, it will be interesting to see how long it actually it (if at all) before Primark and Penneys integrate online shopping as part of their shopping experience.
Irish fashion news. Primark announce job cuts on the way.