Ann Summers is cutting a number of jobs in efforts to stem rising costs as owners, the Gold family, have ploughed millions of critical funding into the business.
Vanessa Gold, who was appointed chairman last year following the death of sister Jacqueline Gold, spearheaded a £5m cash call as the lingerie and sex toy retailer continued to rack up losses.
Ann Summers made a £3.9m loss in its year to July 2023, although turnover edged up from £101m to £104m.
The loan was provided by Green Street Holdings, a Gold family-controlled entity, in August, The Telegraph reported.
Gold said: “As a business, we are in a fortunate position being family owned and we remain unquestionably committed to preserving the heritage of Ann Summers and the longevity of the brand.”
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It comes as the lingerie specialist has scrapped between 20 and 30 roles via a redundancy process, Retail Week reported.
The job losses come under part of Ann Summers’ efforts to streamline operations, with the brand insisting it was not a decision it “took lightly”.
Speaking to Retail Week, CEO Maria Hollins said: “All retailers are under significant pressure with continuing high taxation and rising costs.
“We have ambitious plans for growth and are always looking at options to bolster the brand in both the UK and internationally, but we also need to ensure our cost base reflects the challenges of today’s high street.”
She added: “As a result, we have taken action to reduce costs, which unfortunately included making a small number of colleagues redundant. This was not a decision we took lightly.”
Ann Summers chief marketing officer Natalie Amosu left the business last week, while channels director Joseph Wright departed in September, and went on to join department store Fenwick. It is unclear if the departures were part of the redundancy process.
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