Iceland begins management review
Written by Peter Walker
Iceland has become the latest UK supermarket to start a restructuring review, although it has promised no “major reductions” across its 25,000-strong workforce.
A statement from the discount chain explained the review is to ensure it is running the “business as efficiently and economically as possible”.
Its latest available results, for the year ended 29 March, showed earnings before tax down by £13 million, although sales were up 4.5 per cent to £3.08 billion. Iceland, however, has £736 million in debt, after making several cash injections into its The Food Warehouse business.
The consultation progress will be officially launched in the coming weeks, with promises made that no in-store jobs will be affected, with the restructuring affecting management level.
This follows similar moves by rival supermarkets last week, with Sainsbury’s set to cut hundreds of management roles as it attempts to further integrate further with Argos, which it bought in 2016.
Meanwhile, 3,000 management positions will be cut at Morrisons after the grocer launched a restructuring plan to help create more shop floor roles.