Jul. 31, 2020 - Travis Perkins, the UK's largest building materials and home improvement distribution group, announced 2,500 layoffs, accounting for almost 9% of all employees, closed 165 stores, and reduced its distribution network by nearly 8%. The outbreak of the coronavirus is expected to cause market demand in the next two years to be in a downturn.
Travis Perkins owns a chain of businesses in the UK, including DIY home improvement retailers Wickes and Toolstation, and employs more than 30,000 people in 2,154 locations across the country. It is estimated that the negative impact of the closure of the branch on the performance of the group will be the most serious. In small stores, measures to maintain "social distancing" are difficult to implement, and the low transaction volume makes the store very profitable.
During the period of the epidemic lockdown, one-third of the general building material stores and half of the plumbing and heating equipment stores under the group remained open to support the development of necessary construction projects in the country. In the past six weeks, Travis Perkins has reopened more branches, and sales in May were about 60% of the same period last year. At present, sales volume has returned to the level of 85% to 90% in the same period last year.
It is reported that in the first three weeks of the epidemic lockdown period, approximately 15,000 employees of the group took unpaid leave; and the group’s board of directors and senior management have all reduced their salaries by 20% starting May 1 for three months.
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