BUSINESS LIVE: One in three firms expects to cut jobs; Superdry secures funding lifeline; Royal London swings to a loss
One in three companies is preparing to cut jobs by the end of September, according to a new poll by the CIPD.
The survey spoke to 2,000 employers and found that the proportion planning to cut jobs had risen from 22 per cent to 33 per cent over the past three months.
Retailer Superdry has cheered a new £70 million financing deal with its banks to help it through the coronvirus crisis as it revealed that stores sales continue to tumble.
The fashion brand said its performance in the three months to July 25 was better than first feared as total sales declines narrowed to 24.1%, but it admitted that trading remained ‘materially’ affected by the pandemic despite 95% of its shops now having reopened.