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

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