The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Retail Retail Trade, Except Of Motor Vehicles And Motorcycles Retail Sale In Non-Specialised Stores 47.19 - Other retail sale in non-specialised stores
672 jobs Number of planned job losses
Announcement Date
1 July 2020
Employment effect (start)
Foreseen end date
Description
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.
Eurofound (2020), Harrods, Internal restructuring in United Kingdom, factsheet number 101419, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/101419.
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