Co-op to cut around 400 jobs due to inflation hit
The Co-op Group is to axe around 400 jobs as the retail and funeral firm blamed tough trading conditions amid “rising inflation”.
The company said none of its customer-facing roles in food stores or funeral homes will be impacted by the shake-up.
It is understood that the cuts will predominantly affect workers at its Manchester headquarters.
Around 4,000 support staff are employed by the Co-op Group, as part of a total workforce of 63,000 people.
In April, new chief executive Shirine Khoury-Haq revealed that the firm’s annual profits were slashed in half following supply chain disruption and higher costs.
The group said on Friday that it has had to bring forward changes which were originally proposed for next year due to the fragile economic backdrop.
A spokesman for the Co-op said: “At our last set of annual results, we shared that as part of our strategy, making our Co-op more efficient and cost-effective was a priority.
“The tough trading environment, including rising inflation, means we have taken the difficult decision to bring forward some of the changes we had planned for 2023.
“These changes, designed to simplify our approach to business, will sadly mean a number of colleagues in central functions will leave the business.
“We make these changes with a heavy heart, but it is the right thing to do for the long-term health of our Co-op and for all of our members.”