Sainsbury's cost-cutting will see 2000 jobs axed

Sainsbury's cost-cutting will see 2000 jobs axed”

Sainsbury's, the United Kingdom supermarket chain, is to cut 2,000 jobs in an effort to reduce costs by £500m as rising inflation and competition bite into profits.

The FTSE 100-listed company said the move, which was announced late on Tuesday (17 October), will save approximately £500m (€560m) and will affect both stores and back office positions.

The retailer is also restructuring its human resources functions at its banking arm and Argos, which could lead to a further 600 job losses, a Sainsbury's spokesman confirmed.

It said it would offer affected staff alternative roles wherever possible, or redundancy packages.

The shake-up by Sainsbury's, which took over Argos previous year, is part of a previously announced £500m efficiency drive aimed at allowing the company to invest more in its customer proposition. The 600 head office staff affected are based in Manchester, Coventry, Edinburgh and London.

Sainsbury's was considering cutting 1,000 jobs as part of a drive to save 500 million pounds ($659 million) in costs, media reports said in August.

Sainsbury's also owns Habitat, and employs almost 200,000 people in total.

"This has been a hard decision and we appreciate that this will be a tough time for those colleagues affected by the changes", a Sainsbury's spokeswoman said.

Britain's supermarket sector is facing one of the most challenging periods in its...

Competition from Aldi and Lidl has sparked a price war between supermarkets, carving into earnings at the Big Four - including Sainsbury, Tesco PLC (LON:TSCO), Asda and WM Morrison Supermarkets PLC (LON:MRW). According to figures released by Kantar Worldpanel, the German discount chains added £390m to their sales over the last three months, bringing their combined market share to 12%.

Like this


18 October 2017
Crestwood Advisors Group LLC Grows Position in CVS Health Corporation (NYSE:CVS)
BidaskClub lowered CVS Health Corporation from a "hold" rating to a "sell" rating in a research report on Friday, August 25th. Dnb Asset Management As says it decreased its stake in CVS Health Corporation by 251,100 shares in a 13F filing with the SEC.

18 October 2017
Soros donated one of the funds, nearly $ 20 billion
The famous American financier and billionaire George Soros gave more than $18 billion Fund of the Open Society Foundations (open society).

18 October 2017
Analysts Set Hospitality Properties Trust (HPT) Target Price at $31.80
It worsened, as 53 investors sold PM shares while 558 reduced holdings. 118 funds opened positions while 421 raised stakes. BidaskClub cut Ashford Hospitality Trust from a "hold" rating to a "sell" rating in a report on Friday, July 28th.

18 October 2017
Are Analysts Bullish about JPMorgan Chase & Co. (NYSE:JPM) after last week?
In related news, CFO Marianne Lake sold 17,596 shares of the business's stock in a transaction that occurred on Monday, July 17th. West Oak Capital, LLC sold 1,440 shares in quarter ending 09/30/2017 decreasing its holdings in JP Morgan Chase & 5.0%.

18 October 2017
General Electric Company (NYSE:GE) Analysts See 16
Sg Americas Securities Limited Liability Company holds 0.29% or 1.19M shares. 93 funds opened positions while 256 raised stakes. This cash is what a company uses to meet its financial obligations, such as making payments on debt or to pay out dividends.

18 October 2017
Daphne Caruana Galizia killed in Malta auto bomb blast
Some EU politicians are pressing for closer scrutiny of the tiny European Union nation in the Mediterranean Sea, which is considered a banking haven.

18 October 2017
Annual House Price Growth at 5% in August, Show Official Figures
These effects were partly offset by clothing prices that rose less strongly than this time previous year . Over the same period in London, property sales dropped by 20%, while in Wales, transactions rose by 1.4%.

18 October 2017
LeBron James felt Dan Gilbert's infamous letter had racial undertones
In that feature, though, the possibility of the National Basketball Association being home to TWO LeBron James is discussed. As he says, he doesn't owe anyone anything.

18 October 2017
Short Term Outlook For Teva Pharmaceutical Industries Limited (NYSE:TEVA)
Key therapeutic areas are the analgesic, anti-infective, cardiovascular, CNS, dermatological and anti-inflammatory categories. Teva USA sells its products to chains, wholesalers, distributors, hospitals, managed care entities, and government agencies.

18 October 2017
Bed Bath & Beyond Inc. (BBBY) stock price dipped -0.28% on 2585868 shares
The trading saw a strength at $80.92, the 52-week high. $43.29's average target is 105.26% above currents $21.09 stock price. Fairbanks Capital Management Inc. lifted its holdings in shares of Bed Bath & Beyond by 1.7% during the 2nd quarter.