UK: GUS To Cut 600 Jobs
Great Universal Stores, the UK-based retail giant, is to cut 600 jobs with the closure of General Guarantee Finance (GGF).The news follows disappointing performance by its UK and European Home Shopping businesses. John Peace, chief executive of GUS, said that the closure of its car loans concern was made after the Group, whose catalogues include Kays, Choice and Great Universal, had decided to focus on its key businesses."The decision to wind down General Guarantee was not an easy one to make. However, after examining the alternatives closely, we have satisfied ourselves that this course of action is in the best interest of GUS," he added.The full wind-down of GGF, which employs around 600 people, will take place over three years.In the year to March 2000, the operating profit of GGF after funding costs was £24m. GUS expects that income earned by GGF during its wind-down will at least match the costs of closure.
Get full access to all content, just $1 for 30 days
A Message From The Editor
just-style gives you the widest apparel and textile market coverage.
Paid just-style members have unlimited access to all our exclusive content - including 17 years of archives.
I am so confident you will love complete access to our content that today I can offer you 30 days access for $1.
It’s our best ever membership offer – just for you.
Leonie Barrie, editor of just-style
Help test our new apparel sourcing tool.
- Using worker surveys to drive supply chain change
- Rana Plaza four years on – Timeline of change
- Trump and Brexit get a dose of pragmatism
- No US rush to Myanmar despite end to sanctions
- Where does VF supply chain sit in growth strategy?
- Amazon wins on-demand apparel manufacturing patent
- Driving ban intensifies Myanmar logistics hurdles
- Trump bolsters "buy American" with executive order
- Inditex, Adidas and Patagonia top ethical report
- Calls for supply chain transparency standard
- Global market review of denim and jeanswear – forecasts to 2022
- When Things Go Wrong - A Practical Guide to Managing Common Problems in Apparel Sourcing
- Myanmar - ISA Country Report
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar
- Clothing Market in the Top 5 American Countries to 2021 - Market Size, Development, and Forecasts