Iconic luxury department store Harrods in London is cutting nearly 700 jobs, around 14% of its workforce. The cuts are a direct result of the pandemic, which kept Harrods' flagship store closed for several months. CEO Michael Ward said the axe would fall in areas of the business hardest hit by the lockdown. Jobs in parts of the store that remain closed, including beauty services and cafes, are expected to be among those to go. He added that it would take a "drastic improvement in external conditions" for Harrods to recover and return to growth. The retailer is set to open its first outlet store this month, as a way to shift excess stock that had built up during lockdown.

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