Jobs to go at Coop as market share falls
Two hundred jobs are to go at Swedish supermarket chain Coop as its market share continues to fall. The Swedish Cooperative Union (KF), that owns Coop, is struggling to curb mounting losses.
"Results are on the way up but Coops market share has continued to fall during the first half year," says chairman of the board, Anders Sundström.
Coop Sweden will now embark on a SEK 500 million cost cutting plan during the period 2013-2015. Around 200 people in KF 's and Coop's key organizations will lose their jobs but there are no planned lay-offs in food stores around the country.
"Now we will make a saving on the overall structure," says Sundström, who expects the co-operative's reorganisation will eventually save even greater amounts .
The cooperative movement has made huge losses for many years but Sundström believes that this focus on a strict grocery/food business will strengthen the Group.