Britain: 15,000 jobs in retail and leisure under threat, as jobs go throughout economy
10 March 2018
In the space of two weeks, some 15,000 jobs in the UK retail and leisure sectors have been wiped out or are under threat. On top of this, thousands more jobs in engineering are set to be slashed to prop up company profits.
Home electronics firm Maplin and retailers Toys R Us and have both gone into administration, which could lead to the closure of some 300 stores with the loss of 5,500 jobs. Restaurant chains Prezzo and Jamie’s are to shut down nearly 140 outlets, placing at least 1,000 jobs at risk.
Floorcovering chain Carpetright announced its third profit warning in just four months, with the future of one quarter of its 400 stores in danger, threatening thousands of jobs. Shares in the company fell to an historic low, costing nearly £12 million in lost value, as the firm said it was in discussion with the banks about its existing loans. Retail chain Mothercare also announced last week it was talking to bankers, leading to a 21 percent drop in its share value, wiping out £6 million from the firm.
In Scotland, budget airline Ryanair is to cut the number of flights from Glasgow, endangering 300 jobs. In Northern Ireland, Sensata, which makes a wide range of sensors and electrical protection equipment, is to cut 125 jobs at its Carrickfergus factory. In Wales, management could seek up to 4,000 redundancies between the two companies once a merger of Tata Steel with ThyssenKrupp goes ahead. This has now moved closer following agreement by the IG Metall union in Germany.
On the High Street, falling sales at That’s Entertainment outlets have led to the company’s owners, musicMagpie, saying it was reviewing the long-term viability of its stores,…