Thu. Aug 18th, 2022

CO-OP is losing hundreds of jobs due to difficult trading conditions in the cost of living crisis.

The company said it would cut 400 positions amid “rising inflation.”

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The Co-op Group is famous for its supermarkets, funerals and insurance.

Most roles will be fired from the company’s headquarters in Manchester.

Back office staff in areas such as finance, marketing and IT are affected.

Retail employees working in more than 2,000 stores are not affected by the layoffs.

Aldi can continue to create 1,000 jobs and earn up to £20 an hour.
All companies that pay their workers pay raises and living expenses bonuses.

The Co-op employs approximately 63,000 people, including 4,000 support staff.

Inflation has soared to 9.4%, putting pressure on household budgets. As costs rise, many are cutting back on spending.

Supermarkets are struggling to keep prices down and remain competitive, but are facing higher costs.

Inflation could still be higher, as experts predict it could reach 11% this year.

There are fears that soaring costs could take a toll on the economy and plunge the country into recession.

In April, new CEO Shirine Khoury-Haq said the company’s annual revenue had been cut in half due to supply chain disruptions and rising costs.

The group said on Friday that weak economic conditions should advance the changes originally proposed for next year.

A spokesperson for the Co-op said: “In our last annual results set, we shared our priority as part of our strategy to make our co-op more efficient and cost-effective.

“The difficult trading environment, including rising inflation, means that we have made the difficult decision to move forward some of the changes we have planned for 2023.

“This change, designed to simplify our approach to business, sadly means that many of our colleagues in the central function will leave the business.

“We are making these changes with a heavy heart, but it is the right thing to do for the long-term health of our Co-op and all our members.”

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