The UK’s clothing industry faces a £4bn cut

LONDON — In the past week alone, the UK’s largest clothing brand has been forced to stop production and lay off over 500 people, including two of its chief executive officers.

Clothing retailer Brooks Brothers said it had cut back production and laid off a total of 500 workers at its London headquarters.

Brooks Brothers is the world’s biggest clothing company, with sales of nearly $7.2 billion in 2014.

It has been the target of a wave of boycotts by anti-capitalist protesters in the United States, where it is owned by Wal-Mart Stores Inc.

Bridging the gap with the US-based company, Brooks Brothers has been struggling to compete with Wal-mart’s higher-end, more luxury line.

The company announced on Friday that it would lay off 1,400 people and cut back on production in the US.

Brooks Brothers will continue to invest in the UK, where its clothing is made and sold, the company said.