Ann Summers carries out redundancies, Gold family steps in with funding

Lingerie retailer Ann Summers has cut a number of its jobs amid rising losses at the firm, with the company’s owners, the Gold family, now also stepping in to provide financial aid.

Earlier this week, it was reported by Retail Week that Ann Summers had made between 20 and 30 jobs redundant in an effort to streamline operations.

While the number of jobs cuts was not commented on, the proceeding was confirmed to the media outlet by CEO, Maria Hollins, who said: “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.

“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.”

Further efforts to ensure a turnaround came to light on Wednesday, when the Telegraph reported that the retail chain’s owners, the Gold family, had pumped five million pounds into the business.

The media outlet stated that the loan came from Green Street Holdings, a firm controlled by the Gold family and led by Ann Summers’ chairwoman, Vanessa Gold, who had been appointed to the position following the death of her sister and Ann Summers founder, Jacqueline Gold.

Ann Summers continued to remain in the red for the year to July 1, 2023, posting a pre-tax loss of 3.8 million pounds. This, however, was down from a 21.9 million pound loss in the year prior, and came despite turnover edging up from 101 million pounds to 104 million pounds.