Struggling supermarket giant Woolworths will cut 500 jobs and take a charge of $959m against its profit for the full year as it continues to restructure its operations. Woolworths also said it would slow its stores rollout and close underperforming outlets. “We have significantly slowed our new supermarket roll-out program to focus on renewing our existing stores,” Banducci said. “We will close some underperforming and non-strategic stores and cancel or defer pipeline stores to allocate more capital to renewing our existing store network.” The retailer said it would cut 500 jobs from its support office and supply chain, while a further 1,000 would be shifted from the group office into its businesses.

Source: The Guardian July 25, 2016 01:07 UTC