Arcadia furloughs staff as chief executive elects to take no salary
Topshop and Topman owner Arcadia has taken the decision to furlough a substantial number of employees through the government’s coronavirus job retention scheme.
All of its store staff have been furloughed from 21 March while the majority of head office employees will be furloughed from 5 April.
However, Arcadia said some head office staff will continue in their roles to cover some essential functions. The company’s online operations are continuing but at reduced capacity following the implementation of strict safety measures within its distribution centres.
The company has also announced that its board and senior leadership team will be taking a salary reduction of between 25% and 50% for the time being. In addition, its chief executive Ian Grabiner has elected to receive no salary or benefits until further notice.
Grabiner said: “The health and wellbeing of our employees, customers and communities remains paramount. The actions we have taken are essential in order that we can manage our business through these unprecedented times. We are grateful for the support and understanding of our staff and all of our stakeholders during this incredibly challenging time. We look forward to opening our store doors again as soon as it is safe to do so and welcoming back our colleagues and customers.”
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