Co-op will axe 400 jobs as firm blames soaring inflation for ‘tough trading environment’
- The Co-op Group is cutting around 400 ‘colleagues in central functions’
- The firm said it has been forced to bring forward changes planed for 2023
- There will be no job cuts in the firm’s food stores or funeral homes
- The company said vacant roles will not be refilled to achieve the reduction
The Co-op Group has said it will cut around 400 jobs as the retail firm blamed tough trading conditions amid ‘rising inflation’.
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.
The Co-op is planning to cut 400 back office roles due to the current financial crisis with record levels of inflation afflicting the economy
‘There are no changes to customer-facing roles in our food stores and funeral homes and, where possible, we will reduce roles by not filling vacancies and through preferences to exit.
‘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.’
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