Sainsbury’s to shed 800 jobs

British supermarket Sainsbury’s is to axe 800 store jobs as part of a cost cutting programme designed to free up cash to reinvest in the business. Sainsbury’s said its proposals, which involve the removal of department and deputy managers from some stores and some night shift workers, would help achieve some of the £500 million (R9 billion) of cost savings targeted for the next three years. “The proposals will help… fund future investments in areas which really matter to customers,” the company said yesterday. Sainsbury’s, in common with rivals, is grappling with food price deflation and an intensifying price war. – Reuters