A letter leaked to a UK newspaper reveals how Stuart Gates, managing director of upmarket grocer Fortnum & Mason, told staff of an impending financial crisis.
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Gates explained that a series of emergency measures must be taken to ensure the future of the store; including a freeze on pay and an extension of opening hours for the ground floor and Patio Restaurant to include every Sunday. Furthermore, staff bonuses will be performance-related.
In the letter, which was leaked to the Sunday Times, Gates said: “The current financial year which ends in July 2002 has presented the company with many difficult challenges resulting from weakened trading … the company (has) to face certain hard decisions critical to the future of the store.”
The challenges included the drop in overseas visitors and corporate business.
Gates appealed to staff, adding that the letter contained “an overriding message which calls for your understanding and support, namely that we are operating through a challenging period in the store’s history”.
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By GlobalDataThe 300-year-old store, which supplies the Queen with groceries, was taken private last year.
