The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Retail Retail Trade, Except Of Motor Vehicles And Motorcycles Retail Sale In Non-Specialised Stores 47.1 - Retail sale in non-specialised stores
750 jobs Number of planned job losses
3,000 jobs Number of planned job creations
Announcement Date
19 October 2004
Employment effect (start)
Foreseen end date
Description
The ailing J Sainsbury supermarket is cutting 750 head office jobs to save cash and hiring an additional 3,000 staff to improve service levels in the group's 721 stores. Other moves include halving the dividend paid to shareholders, rolling back plans to sell a wide variety of homewares and re-opening an old depot to help get goods into the shops and save Christmas. Chief executive Justin King is to plough £400 million of cost-savings into improving food quality and cutting prices as the chain tries to compete with market leaders Tesco and Asda and reassert its position.
Sources
20 October 2004: The Guardian
Citation
Eurofound (2004), Sainsbury's, Internal restructuring in United Kingdom, factsheet number 60675, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/60675.
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