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Pick n Pay embarks on retrenchment drive

Aug 07 2013 13:45

Pick n Pay CEO Richard Brasher. (Supplied)

Company Data

PICK N PAY STORES LIMITED [JSE:PIK]

Last traded 59.40
Change 0.4
% Change 0.01
Cumulative volume 1251747
Market cap 28.54bn

Last Updated: 24/04/2014 at 03:15. Prices are delayed by 15 minutes. Source: McGregor BFA

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Cape Town - Pick n Pay [JSE:PIK] hopes to trim jobs across the country as it implements a turnaround strategy, BDLive reported on Wednesday.

The retailer is offering voluntary retrenchments to workers in its head office and regional head office.

Staff will get a standard severance package of one week’s pay for every year of service.

"There are a whole host of initiatives going ahead, this is just one of them in terms of trying to get our costs under control," Pick n Pay operations director Neal Quirk was quoted as saying.

He said that staff had until Thursday to take up the retrenchment offer, adding that management reserved the right to decline certain applications.

The country's second-largest grocer reported a 31% drop in full-year profit in April.

It was also trailing behind rivals such as Shoprite and Spar both operationally and in the stock market.

This was due to late investments in the supply chain and the costs from a shopper loyalty programme to protect market share, according to Reuters.

CEO Richard Brasher, who took over Pick n Pay this year, was widely expected to hasten the business turnaround and help it fend off competition from Walmart unit Massmart.




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massmart  |  pick n pay  |  shoprite  |  spar  |  retrenchements  |  jobs
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