Posted on October 02, 2022
In a statement, the British group said it will begin a "headcount review" within the next few weeks in a bid to reduce costs amid flagging trading. According to an internal email quoted by the Financial Times, about 35% of the workforce may be axed, with those impacted by the cuts set to depart by the end of October.
Meanwhile, Made has discarded possibly going to public equity markets to raise emergency cash. It cited "prevailing" economic headwinds for the decision, including an inflation-driven slowdown in consumer spending and a surge in freight costs stemming from recent supply chain constraints.
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