Plans to cut 400 jobs have been confirmed by the Co-op, with the majority based at its head office in Manchester.
The group blamed a “tough trading environment” for the move as well as the rise in inflation. It also said will bring forward planned cuts as well as reduce roles by not filling vacancies.
In a statement, the Co-op added: “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.”
A Co-op spokesperson added: “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.
“There are no changes to customer-facing roles 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.”
The move comes after the group’s long-serving chief executive stepped down in May.
https://get-latest.convrse.media/?url=https%3A%2F%2Fwww.business-live.co.uk%2Fenterprise%2Fco-op-cut-400-jobs-24555532&cre=bottom&cip=16&view=web
Steve Murrells has been succeeded on an interim basis by group CFO and CEO of Co-op Life Services Shirine Khoury-Haq.
She became the group’s first female chief executive since it was founded in 1863.
The Co-op is headquartered at One Angel Square in which it sold a 51% stake in 2013 for £142m.
The building was put back on the market last month with a price tag of £210m.
