The Arcadia collapse last night made the headlines this morning with 13,000 probably losing their jobs, Debenhams probably going the same way with another 12,000 out of work.
I heard a bit of news yesterday that hasn't made any headlines, which made me wonder how many more companies had done the same without issuing any press releases?
I work with Marriott Hotel Group and a few weeks ago they made almost 3,000 employees redundant. And didn't renew another 4,500 contracts. Effectively putting 7,500 out of work.
They've mothballed approximately 60% of their (Abu Dhabi Investment Authority owned) properties until April 2021, and don't expect their business to get back to 2019 levels before the end of 2022.
So along with 7,500 who have lost their jobs, there will be a huge supply chain who will be in serious trouble on the back of these closures. My contact reckons at least the same number of jobs will go, if not more.
In the hospitality industry I would expect the likes of Hilton, Accor, and a number of large hotel management groups to go down the same route.
Premier Inn made 15,000 redundant a couple of months ago and rumours are there will be more.
Sad times indeed.