Nearly 15,000 jobs lost due to administration and cost-cutting measures

  • Nearly 15,000 retail jobs lost in 2023
  • Centre for Retail Research data reveals job losses due to administration and cost cutting
  • Sainsbury’s and Asda among big retailers implementing cost-cutting measures
  • Wilko cuts 400 jobs, New Look plans to cut 500 at distribution centre
  • Paperchase and Tile Giant go into administration
  • 350 store closures due to administration, 320 due to cost-cutting measures
  • Current pace won’t reach 2022 levels of job losses (151,474) and store closures (17,145)

According to the Centre for Retail Research, nearly 15,000 retail jobs have been lost this year as a result of administration or cost-cutting measures. Sainsbury’s and Asda are among the major retailers implementing these measures, with Wilko cutting 400 jobs and New Look planning to cut 500 at one of its distribution centres. Paperchase and Tile Giant have gone into administration, leading to redundancies. So far, 675 stores have closed, with 350 due to administration and 320 due to cost-cutting measures. The current pace suggests the total job losses and store closures won’t reach the levels seen in 2022 (151,474 jobs lost, 17,145 stores closed).

Factuality Level: 8
Factuality Justification: The article provides accurate information about job losses in the retail sector and store closures due to various reasons such as administration and cost-cutting measures. It also compares these figures with previous years’ data for context.
Noise Level: 6
Noise Justification: The article provides relevant information about job losses and store closures in the retail sector due to the cost of living crisis. However, it lacks analysis or exploration of long-term trends or consequences, as well as actionable insights or solutions for readers.
Financial Relevance: Yes
Financial Markets Impacted: Retail sector
Financial Rating Justification: The article discusses job losses and store closures in the retail sector due to the cost of living crisis, which can impact companies’ financial performance and potentially affect stock prices.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no extreme event mentioned in the text.

Reported publicly: www.retailsector.co.uk