Arab Today, arab today british supermarket sainsburys to cut 500 jobs
Last Updated : GMT 12:24:19
Arab Today, arab today
Arab Today, arab today

British supermarket Sainsbury's to cut 500 jobs

Arab Today, arab today

Arab Today, arab today British supermarket Sainsbury's to cut 500 jobs

Sainsbury's store in London
London - AFP

British supermarket group Sainsbury's is to axe 500 jobs as part of a plan to cut costs by 500 million pounds ($760 million, 645 million euros), it announced Tuesday.
The savings will fund future investments and the job cuts will be spread across store support centres, the supermarket said in a statement.
"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 chief executive officer 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 and Spencer said sales fell over the key Christmas holiday period.

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