By Ian Walker
LONDON--J Sainsbury PLC (SBRY.LN), the U.K. number two
supermarket by market share, said Tuesday it will cut 500 jobs as
part of its previously announced effort to save 500 million pounds
($757.5 million).
Following a review of central costs and structures, Sainsbury
said it plans to streamline its central divisions and bring the
supermarkets and convenience businesses together. The job cuts will
be spread across all divisions and grades in store support centers,
it added.
"The formal consultation started today. We expect the new
structures to be in place by the start of the 2015/16 financial
year and as a result, we will be set up to work more effectively
together to better serve our customers," Chief Executive Mike Coupe
said.
At the time of its first-half earnings in November, Sainsbury
announced plans to save up to GBP500 million over the next three
years, but didn't say at that time how it would save the money.
-Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749
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