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Arcadia furloughs 14,500 staff and execs face 50% pay cuts

Source: Mintel 03-04-2020

Arcadia has furloughed 14,500 of its 16,000 staff, while the executive team faces pay cuts between 25%-50% as a result of the ongoing coronavirus crisis. Arcadia said all store staff have been furloughed from March 21, with “the majority” of its headquarter employees to follow suit from April 5.

Group chief executive Ian Grabiner has elected to receive no salary or benefits until the pandemic ends. Meanwhile, furloughed staff will benefit from the government’s coronavirus job retention scheme, which will allow them to receive 80 per cent of their salaries up to £2500 a month.

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