Ann Summers Cuts Jobs Amid Financial Struggles

Ann Summers, the lingerie and sex toy retailer, is laying off 20 to 30 employees as part of a strategic effort to manage rising costs and stabilize its finances. The decision follows a reported loss of £3.9 million for the fiscal year ending July 2023, despite a slight increase in turnover from £101 million to £104 million. The Gold family, owners of Ann Summers, have injected £5 million into the company through Green Street Holdings to support operations amidst ongoing high taxation and cost pressures. CEO Maria Hollins emphasized that the layoffs were a difficult but necessary measure to align costs with current market challenges. Chairman Vanessa Gold reiterated the family's commitment to preserving the brand's heritage while pursuing growth opportunities. Recent staff departures, including that of the chief marketing officer, have raised questions about whether these were part of the redundancy process.