DFS warns of job losses after £56 million losses due to coronavirus
PUBLISHED: 10:55 14 July 2020 | UPDATED: 16:58 14 July 2020
Retailer DFS, with stores in Norwich and King’s Lynn, has forecast jobs will go amid an overhaul of its chains.
The group, which owns Sofa Workshop and Dwell, is braced for losses after annual revenue slumped to £725 million due to coronavirus.
The firm said it was making a “targeted reduction” in its workforce to secure its “future competitiveness”.
DFS said it expected pre-tax losses of between £56 million and £58 million for the year as a result of coronavirus.
A spokesman said: “Reflecting the challenging outlook for our market, we are taking necessary actions to preserve our future competitiveness. We have commenced an operational restructuring of Sofa Workshop and Dwell to improve the returns generated by those brands.”
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The group said sales had bounced back strongly since stores reopened in mid June – soaring 69% year-on-year.
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