Retailer Ann Summers has shed around 30 head office staff members as it works to balance its books due to rising costs. The business recently secured a £5m loan, from a source controlled by the Gold family which owns Ann Summers.
Maria Hollins, Ann Summers CEO commented: “All retailers are under significant pressure with continuing high tax and rising costs. We have ambitious plans for growth and are always looking at options to bolster the brand, but we also need to ensure our cost base reflects the challenges of today’s high street.”
Meanwhile the ONS has released figures for October which show that clothing retailers’ revenues were down by 3.1 per cent after recording growth in September. The general mood in the market is one of hoping for a substantial uptick linked to Black Friday and festive season spending, but overall retailers are still be left reeling from the impact that the Budget has landed them with, as well as the cost of implementing the new workers’ rights bill.
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