British fashion house Burberry Group Plc is anticipated to lay off hundreds of jobs, primarily in the UK, following a significant drop in its stock market value, according to the Telegraph.

In late June, employees were informed via a Zoom meeting that they might face redundancy or would need to reapply for their roles. Burberry is reportedly beginning a 45-day consultation period, which could result in the termination of hundreds of positions. Union officials are coordinating redundancy agreements with selected employees, raising concerns that up to 400 jobs may be at risk. Burberry did not provide comments to the Telegraph.

In the 2023-24 fiscal year, Burberry employed an average of 9,169 full-time equivalent workers, per its latest annual report. These cuts would mark another significant downsizing after eliminating 500 positions in 2020 to save £55 million ($70.5 million) amid pandemic-related pressures.

This development comes as Burberry faces challenges in maintaining its stock market value and managing operational costs. The move signifies the company’s ongoing efforts to streamline operations and address financial concerns.