Firm may axe jobs
Harvey Nichols hires PwC to advise on options
Harvey Nichols Edinburgh: one of the stores that has reopened
Harvey Nichols is the latest retailer to appoint adviser to look at options for the business amid a decline in shopper footfall, particularly tourists.
The upmarket department store chain has hired PwC as it considers cutbacks after lockdown hammered its revenue from overseas visitors.
It has reopened four of its eight UK and Ireland sites since lockdown in Edinburgh, Leeds, London and Manchester. Its store in the OXO Tower restaurant in London has also reopened.
Reopening dates have yet to be announced for Birmingham, Bristol, Dublin and Liverpool.
According to The Sunday Times, PwC will be advising Harvey Nichols on the “viability of its store estate and financing requirements”.
The department store, which has 1,500 staff, has already advised its staff that it will be carrying out a number of redundancies but the scale of this exercise is not yet known.
In an email to staff last month CEO Manju Malhotra said the crisis could change the shape of the business and pledged that it would keep any job cuts to a minimum
“We value each of our employees and their contribution to the business and are doing everything we can to avoid or minimise the number of redundancies,” she said.
Harrods is in the process of cutting 14% of its workforce, amounting to 750 jobs, while Selfridges had revealed it would be cutting 450 staff. Liberty is also believed to be in consultation with its staff.