Sainsbury’s to cut jobs

 

Sainsbury's LocalBritish supermarket group, Sainsbury’s, will axe 500 jobs as part of a plan to cut costs by STG500 million pounds ($A912.66 million).

The savings will fund future investments and the job cuts will be spread across store support centres, the supermarket said in a statement on Tuesday.

“I recognise that these changes will be difficult for our colleagues and I can assure you the decision to make them was not taken lightly,” said Sainsbury’s CEO, Mike Coupe.

“However, I’m certain that we will be in a stronger position to deliver our new strategy and better equipped to win in these times of change as a result.”

The group said the reorganisation would be complete by the 2015/16 financial year.

It announced in November that it would seek to reduce costs amid a fierce price war among British supermarkets.

Mid-market groups including troubled supermarket giant Tesco have slashed prices, under pressure from German-owned discounters Aldi and Lidl as well as upmarket food stores.

Both Sainsbury’s and Marks & Spencer said sales fell over the key Christmas holiday period.

AFP

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