Sainsbury’s and Argos Set to Cut 3,000 Jobs Tomorrow as UK’s Second National Lockdown Starts.
J Sainsbury will announce that it is cutting more than 3,000 jobs tomorrow morning as it updates the City on its financial performance. A large number of the jobs will go from the group’s Argos business, which it bought for £1.4 billion in 2016, but there will also be job losses in Sainsbury’s stores with the closure of delicatessens and fresh fish and meat counters- Sainsbury’s employs more than 170,000 in Britain.
The cuts come just a day after John Lewis axed 1,500 office roles and M&S announced its first loss in 94 years.
Retailers, hospitality firms and airlines have been hit hardest in the Covid-19 lockdowns. Sainsburys has been searching for a new direction after its proposed tie-up with rival Asda was torpedoed by watchdogs. While sales have risen recently due to stockpiling, costs have increased due to PPE and discounters such as Lidl continue to ramp up the pressure. The supermarket employs more than 170,000 in its stores across Britain.
Close to 125,000 jobs were lost in the U.K. retail sector in the first eight months of the year, the Centre for Retail Research said in September. The industry was already struggling to cope with the structural shift to greater online shopping before the outbreak of the Covid-19 pandemic. Retailers will be under further pressure from Thursday as all non-essential shops in England have to shut for four weeks in a bid to contain the resurgence in Covid-19 infections.
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