Pick n Pay cuts 10% of staff (market cheers, sending share price up by 2.9%)

It was all done on a voluntary basis… with sensitivity and compassion…

Richard Brasher, Pick n Pay CEO

This makes sure we’re robust in an economy that is lacklustre.

Richard Brasher, Pick n Pay CEO

No executive takes pleasure in asking people if they’d like to go.

Richard Brasher, Pick n Pay CEO

Pick n Pay will cut 3500 of its employees' jobs.

It employs about 35 000 people.

This comes in the wake of South Africa’s first recession in only eight years and consumer and business confidence levels at multi-year lows amid political turmoil.

Jobs will be cut at its head office, in the company's regional structure, store operations and in its supply chain.

…The reduction in employee numbers will have a significant positive impact on the operating costs of the group…

Richard Brasher, Pick n Pay CEO

Shares in Pick n Pay were up 2.9% on Monday.

The Money Show’s Bruce Whitfield interviewed Richard Brasher, CEO at Pick n Pay.

Listen to the interview in the audio below (and/or scroll down for more quotes from it).

We’ve had an ambition to reset parts of our business.

Richard Brasher, Pick n Pay CEO

Many of our staff did actually appreciate the offer.

Richard Brasher, Pick n Pay CEO

This has been done by working with our staff. Only volunteers took up our offer.

Richard Brasher, Pick n Pay CEO

This is an opportunity to put our business properly in shape.

Richard Brasher, Pick n Pay CEO

Click here (then “like” the page) to follow Bruce on Facebook.

Enter your email address in the form below to receive a newsletter containing the most-read articles of the week from Bruce Whitfield’s The Money Show every Friday morning in your inbox.

Subscribe to our Business Wrap Newsletter


Recommended

by NEWSROOM AI

702 welcomes all comments that are constructive, contribute to discussions in a meaningful manner and take stories forward.

However, we will NOT condone the following:

  • Racism (including offensive comments based on ethnicity and nationality)
  • Sexism
  • Homophobia
  • Religious intolerance
  • Cyber bullying
  • Hate speech
  • Derogatory language
  • Comments inciting violence.

We ask that your comments remain relevant to the articles they appear on and do not include general banter or conversation as this dilutes the effectiveness of the comments section.

We strive to make the 702 community a safe and welcoming space for all.

702 reserves the right to: 1) remove any comments that do not follow the above guidelines; and, 2) ban users who repeatedly infringe the rules.

Should you find any comments upsetting or offensive you can also flag them and we will assess it against our guidelines.

702 is constantly reviewing its comments policy in order to create an environment conducive to constructive conversations.

Read More
How to lose weight and get healthy without doing much at all

How to lose weight and get healthy without doing much at all

The Money Show’s Bruce Whitfield interviews FitChef founder Wayne Kaminsky.

Why the rand is weak(ish), despite near-record consumer confidence

Why the rand is weak(ish), despite near-record consumer confidence

The Money Show’s Bruce Whitfield interviews economist Mamello Matikinca.

Minimum wages are effective when economies are growing fast - Dr Iraj Abedian

Minimum wages are effective when economies are growing fast - Dr Iraj Abedian

Pan-African Investments and Research Services CEO Dr Iraj Abedian on what we should know about the impact of the minimum wage.

Bitcoin, Ethereum… Death and taxes; Sars wants in!

Bitcoin, Ethereum… Death and taxes; Sars wants in!

The Money Show’s Bruce Whitfield interviews Ruaan Van Eeden, Managing Director for Tax and Exchange Control at Geneva Management.

ANN7, New Age rebrand… The customer is no fool, warns ad expert Andy Rice

ANN7, New Age rebrand… The customer is no fool, warns ad expert Andy Rice

No amount of name changing, or logo redesign, will have any effect if the underlying product remains defective, warns Rice.

Get the best bits of ‘The Money Show’ emailed to you daily, right after it ends

Get the best bits of ‘The Money Show’ emailed to you daily, right after it ends

Do you enjoy listening to Bruce Whitfield’s The Money Show, but miss it sometimes?

Popular articles
I was not introduced to Ajay Gupta - Grootes

I was not introduced to Ajay Gupta - Grootes

Stephen Grootes says he believes former Eskom CEO Brian Dames when said he was not formally introduced to the Gupta family.

Why the PAC wants South Africa renamed Azania

Why the PAC wants South Africa renamed Azania

Pan Africanist Congress's Narius Moloto explains why it supports the name Azania, a word which he says has Arabic origins.

So what exactly is radical economic transformation?

So what exactly is radical economic transformation?

Wits associate professor of economics Christopher Malikane speaks to Azania Mosaka about the term that is being bandied about.

WATCH: Zuma denies crisis at Sassa, won't evaluate isiphithiphithi (chaos)

WATCH: Zuma denies crisis at Sassa, won't evaluate isiphithiphithi (chaos)

Zuma says he cannot be expected to act against Minister Bathabile Dlamini on social grants matter now before the ConCourt.

Divided views on impact of minimum wage on economy, unemployment

Divided views on impact of minimum wage on economy, unemployment

Deputy President Cyril Ramaphosa announced that the minimum wage of R20 per hour is expected to be implemented by May 2018.

Who is Advocate Tembeka Ngcukaitobi?

Who is Advocate Tembeka Ngcukaitobi?

The EFF lawyer stole the show during the state capture report court battle.

3 easy questions could bag you R2000!

3 easy questions could bag you R2000!

WIN R2000! But only if you can prove you're a whiz of the MTN Biz Quiz by answering the following three questions...