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29th July 2020, 19:41

S.M Seruya to begin a restructuring process, with a maximum of 25 redundancies envisaged

Cosmetics retailer S.M Seruya has confirmed it will be making up to a quarter of its staff redundant following what it says has been "quite a drop in sales" due to a lack of tourism in recent months.

12 voluntary redundancies are already being processed and a spokesperson for the company told GBC it envisages a total of between 22 and 25 redundancies.

SM Seruya currently employs 94. It says it is discussing the restructuring process with all staff, with voluntary redundancy packages offered to all. In answer to GBC questions, it said some involuntary redundancies cannot be ruled out.

S.M Seruya has been established in Gibraltar for 125 years. It has six shops on Main Street and does not foresee having to close any.

A company spokesperson told GBC the situation was unfortunately inevitable due to fewer visitors to the Rock because of COVID-19. He said that some of the staff have been with the retailer for more than 40 years, which has made it a particularly "hurtful and distasteful situation".

SM Seruya hopes things will get better from here on.