THG plc has announced more redundancies, according to reports today.
The group has also told staff they must work from the office 5 days a week, because working from home was “adversely impacting group culture.”
According to an internal memo seen by the Financial Times and Retail Week, the ecommerce company is seeking to cut 171 jobs as part of a proposed restructure.
“THG is proposing to restructure a number of business areas to ensure we remain in the best possible shape to continue to deliver sustainable growth, profitability and cash generation,” read the memo.
Cost saving measures over the last 2 years have seen THG cut almost two thirds of its workforce.
That’s followed a difficult time since its debut on the Stock Exchange in 2020. Initially seeing shares soar to a high of 817p and a valuation of £5.4bn, its shares have since fallen to nearer 64p.
In April, THG announced a return to growth, with pre-tax losses halving to £252m on annual revenues of £2bn.
Last month Frasers Group acquired its luxury goods websites, including Coggles.
