More job cuts and an order for staff to return to working in the office is the latest news from THG.
The digital consumer brands group is set to axe 171 jobs, from an initial 581 positions at risk across six divisions, including beauty and nutrition.
That means the company will have cut almost a third of its workforce, or around 3,000 jobs, over two years in a continuing cost-saving drive.
THG, which owns and operates websites such as Lookfantastic as well as offering the all-encompassing Ingenuity e-commerce platform to other businesses, told employees of the developments last week, according to a memo seen by the Financial Times.
The company acknowledged it was “a difficult time” for those at risk of losing their jobs but said it’s working to “remain in the best possible shape to continue to deliver sustainable growth, profitability and cash generation”.
Those workers remaining will be now be expected to return to the office five days a week from 19 August, according to another memo seen by the FT. Staff had been told in December there would be flexibility to work from home one day a week on a case-by-case basis from January.
THG blamed the changes on an “inconsistent adherence” to its policy, saying it was detrimental to the culture of the group and its ability to make decisions. It added that formal flexible working agreements that were already in place would continue to apply “but [they] may be subject to review in the near future”.
In April, THG posted an annual loss before tax of £252 million compared with a loss of £549 million the previous year, on total revenue of £2 billion.
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