Hamleys to cut more than 25% of staff

Hamleys to cut more than 25% of staff
Hamleys will lose more than a quarter of its staff in redundancy process.
// Hamleys to cut 60 of its 208 staff
// Redundancies come as historic toy store feels the hit of lockdown London on tourist trade

Historic toy shop Hamleys will cut more than a quarter of its workforce according to a report by the Guardian.

The world’s oldest toyshop confirmed that 60 of its 208 staff working in the Regent Street store and at its head quarters will leave as part of its redundancy programme.

READ MORE: Hamleys CEO David Smith to resign

Hamleys was forced to close its stores in March due to the lockdown, and reopened its flagship London store in June.

The coronavirus pandemic is also said to have delayed plans to refurbish the seven-storey retail destination, which is usually a key location for tourists in the West End.

Hamleys was acquired by Reliance Brands in 2019 in a deal worth £70 million.

Reliance Brands is a subsidiary of Reliance Industries, India’s biggest bricks and mortar retailer in India, owned by India’ richest person, Mukesh Ambani.

Earlier this summer it was revealed Hamleys’ chief executive David Smith would step down from his role after just seven months in the position.

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