Ocado to axe 1,000 jobs in cost-cutting drive
#Ocado job cuts #corporate restructuring #retail industry #cost-cutting measures #UK layoffs #grocery technology #business efficiency #workforce reduction
📌 Key Takeaways
- Ocado is cutting 1,000 jobs globally, representing 5% of its workforce
- Two-thirds of the job losses will occur in the UK, primarily at Hatfield headquarters
- The restructuring aims to reduce costs by approximately £150m
- Job cuts will mainly affect technology and support teams
- The move follows last year's share decline after North American partners closed centers
📖 Full Retelling
Ocado Group announced plans to cut 1,000 jobs, approximately 5% of its global workforce, over the coming year in a cost-cutting drive following the announcement from its North American partners to close centers, with the majority of redundancies affecting its UK headquarters in Hatfield, Hertfordshire. The technology and online grocery giant employs about 20,000 people worldwide, with the vast majority based in the UK, and CEO Tim Steiner confirmed that a 'significant number' of roles would no longer be needed as part of a restructuring effort. The company revealed that these actions are expected to cut costs by approximately £150m, with job cuts primarily affecting technology and support teams rather than frontline operations. This strategic move comes after Ocado's shares fell sharply last year when its North American partners, Kroger in the US and Sobeys in Canada, announced they would close centers operated by Ocado, prompting a reassessment of the company's operational structure and cost base.
🏷️ Themes
Corporate Restructuring, Retail Industry, Job Cuts, Cost Management
Entity Intersection Graph
No entity connections available yet for this article.
Original Source
Ocado to axe 1,000 jobs in cost-cutting drive 9 minutes ago Share Save Nick Edser Business reporter Share Save Ocado Group is planning 1,000 job cuts, about 5% of its global workforce, over the coming year as it seeks to cut costs. Tim Steiner, the boss of the technology and online grocery group, said a "significant number" of roles would no longer be needed as part of a restructuring. Ocado employs about 20,000 people worldwide, with the vast majority in the UK. About two-thirds of the job cuts will be in the UK, with most coming at its headquarters in Hatfield, Hertfordshire. The company provides technology to supermarket distribution centres, as well as running an online grocery business with Marks & Spencer. Last year, the company's shares fell sharply after its North American partners - Kroger in the US and Sobeys in Canada - said they would close centres run by Ocado. Ocado said the actions it was taking were expected to cut costs by about £150m. The job cuts are expected to come largely in tech and support teams. Steiner said the changes being made would "reflect the lower structural cost base that we have signalled over recent years". "Regrettably, this means a significant number of roles will no longer be required. "We will support those impacted through this process," he added. Companies Ocado
Read full article at source