Pick n Pay embarks on retrenchment drive
Fin24.com - Aug 8th, 09:03
Cape Town - Pick n Pay 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 Holdings and Spar Group 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 Holdings.
M&S steps up convenience store roll-out
24/10/2013 - 12:08
London - Britain's Marks & Spencer will step-up expansion of its Simply Food store network as it looks to benefit from growing consumer demand for smaller, convenience outlets, it said on Tuesday.
Customers reward a better, stronger and clearer Pick n Pay
23/10/2013 - 10:54
In an extremely competitive market, customers have responded positively to decisive action by Pick n Pay to improve the shopping trip. In the first six months to 01 September 2013, the company delivered an improved financial performance over the previous period, growing Group till sales (owned and franchise stores) by 8.1%.
Manufacturers’ sentiment index jumps to 36,61 in third quarter, Namibia
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The manufacturers’ sentiment index jumped to 36,61 in the third quarter of this year from the -14,89 recorded at the end of the previous quarter, Simonis Storm Securities (SSS) said in a report released earlier this month.
Shoprite operating normally, license intact - minister, Zambia
22/10/2013 - 09:30
Minister of Labour and Social Security, Fackson Shamenda, says Shoprite is operating normally and its operating licence is still in force.
UNZA shopping mall to cost K248m. Zambia
22/10/2013 - 09:06
The construction of a shopping mall to be the property of the University of Zambia (UNZA) Great East Road campus will cost K248 million.