More than 120 jobs at risk as Gymshark announces business restructure

More than 120 jobs are at risk after sportswear firm Gymshark announced a restructure of its business.

PA reports that the Solihull-based firm, which sells sports clothing and accessories, is considering placing 121 roles at risk of redundancy.

Gymshark says the move is being driven by its “international expansion, ambitious growth plans and the need to create commercial accountability.”

Chief executive Ben Francis said: “This was an incredibly difficult decision to come to and we know that this will be upsetting for our people.

“These proposals are subject to consultation and no decision has been made about how we will ultimately proceed.

“Our immediate priority is to help and support those at risk through this process and do what we can to best set them up for the future.

“We want to stress that this is absolutely no reflection on the quality of work, character or professionalism of those people affected and we will be doing all we can to help them demonstrate their skills and expertise.”

Email newsletters

BusinessLive is your home for business news from across the West Midlands including Birmingham, the Black Country, Solihull, Coventry and Staffordshire.

Click through here to sign up for our daily email newsletter and also view the broad range of other bulletins we offer including weekly sector-specific updates.

We will also send out ‘Breaking News’ emails for any stories which must be seen right away.


For all the latest stories, views and polls, follow our BusinessLive West Midlands LinkedIn page here.

Mr Francis – who co-founded Gymshark in 2012 when he was just a teenager working from his parents’ garage – said that if redundancies are made, they will take place before the end of Gymshark’s financial year on July 31, 2022.

He added that more than 100 new roles will be created as part of the restructure, with at-risk staff being offered new roles where possible.

He said: “If these proposed changes are implemented, they could result in the loss of 121 jobs across our business, which will take place before the end of Gymshark’s financial year.

“The proposals also see over 100 new roles being created and of course we will seek to offer as many of our people as possible these new roles where it is appropriate to do so.

“It is driven by our international expansion, ambitious growth plans and the need to create commercial accountability within the regions and ensure customer strategies are driven by local lenses, specific knowledge and data, not just by those of us here in Solihull.”

The news comes just four months after Gymshark revealed plans to open its first physical store in London.

In December, the retailer confirmed that it had taken on a three-storey building on the prestigious Regent Street.

Most Related Links :
todayuknews Governmental News Finance News

Source link

Back to top button