Arcadia has been quick off the block in taking the government’s subsidy to furlough around 14,500 of its 16,000 staff. This is backdated to 21st March for its store based employees and takes effect from 5th April for the head office and distribution team members being laid off.
CEO Ian Grabiner has said that he will not receive any salary or benefits until further notice, whilst other board members and senior management are taking salary reductions of between 25 and 50 per cent. Arcadia continues to sell online and is expecting its suppliers to accept extended payment terms and penalty-free order cancellations.
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