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Primark relieves 400 store managers to cut costs as sales remain low

Primark brings together 400 store managers to cut costs as sales remain below pre-pandemic levels



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Primark employees were hit yesterday with news that the company will cut 400 store management jobs to cut costs.

Discount chain High Street will cut functions from its 191 stores in the UK in response to rising cost pressures and as sales remain below pre-pandemic levels.

Primark has 29,000 employees and said it will begin discussions with those affected by the cuts.

Job losses: 400 store management positions to be cut from 191 UK stores in response to rising cost pressures and as sales remain below pre-pandemic levels

Job losses: 400 store management positions to be cut from 191 UK stores in response to rising cost pressures and as sales remain below pre-pandemic levels

Owner Associated British Foods, which also owns Twinings and Ovaltine, added it will raise prices amid rising energy and supply chain costs.

ABF says it will pass on the rising costs ‘where necessary’ to the customer. Shares fell 4.2 percent, or 89p, to 2042p, as it also warned rising costs could come at the expense of earnings.

Group sales in the 16 weeks to 8 January were £5.6 billion, up 16 percent from a year earlier.

Primark’s sales were £2.7bn, 36 percent higher than a year earlier, but in all stores sales were still 5 percent below pre-Covid levels.

The company said sales fell in December as shoppers were deterred by the proliferation of its Omicron variant.

Primark was particularly hard hit by reduced visitor numbers as the retailer does not sell clothing online

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