Redundancy threat for Waterstones
By Sarah Wood | 30th July 2020
Book chain Waterstones is to make a number of staff at its London Piccadilly head office redundant, as it recovers from the impact of lockdown.
Waterstones, which has stores in Cheltenham, Gloucester and Cirencester, said the redundancies were part of a number of measures to bring the company's overheads in line with its current level of sales, as reported by The Bookseller.
Like other non-essential retailers, Waterstones was forced to close its stores for almost three months. Nearly all of them have been reopened, apart from campus branches and its Covent Garden store, which reopened when lockdown measures eased and closed again after a week, due to the lack of footfall in central London.
Improved online performance hasn't been enough to offset the lack of high street sales. The chain's CEO said last month that were would be no rebound for the lost sales of March, April and May. Waterstones predicts continued lower sales over the coming months, as things take time to get back to normal.
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