Luxury Watch Retailer’s Tough Decisions
- Watches of Switzerland closing 16 showrooms across UK
- 40 jobs at risk of redundancy
- Affected staff to be redeployed where possible
- Retailer continually assessing operations for efficiency
Watches of Switzerland is closing 16 showrooms across the UK, putting around 40 jobs at risk of redundancy. The luxury watch specialist told BBC News that affected staff will be redeployed where possible and that its ‘priority was to support all affected colleagues.’ The retailer has not yet confirmed which showrooms will close. Watches of Switzerland opened 22 showrooms, refurbished 15, and acquired 15 through jewellers Ernest Jones in its most recent financial year. It also opened ‘one of the largest’ Rolex boutiques in Europe in London earlier this month. A statement from the retailer said: ‘We continually assess our operations to remain as efficient and productive as possible. Whilst we intend to continue growing our showroom estate organically and by acquisition, following a recent review, we have regrettably made the difficult decision to close 16 showrooms in the UK. We have also reviewed our support services to ensure we are operating in the most efficient and productive way to power our retail growth and are regrettably proposing that circa 40 roles will be at risk of redundancy.’
Factuality Level: 8
Factuality Justification: The article provides accurate and relevant information about Watches of Switzerland closing some showrooms and the potential impact on jobs. It also mentions their recent growth and expansion plans. However, there is a brief mention of Tesco’s competition in the grocery sector which seems unrelated to the main topic.
Noise Level: 6
Noise Justification: The article provides some relevant information about Watches of Switzerland closing showrooms and job risks but also includes unrelated information about Tesco’s competition in the grocery sector.
Financial Relevance: Yes
Financial Markets Impacted: No
Financial Rating Justification: The article discusses Watches of Switzerland closing showrooms and impact on employees, which can affect the company’s financial performance and operations. However, it does not mention any direct impact on financial markets or specific companies.
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.
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