Over 1,400 Pick n Pay workers take severance packages

Over 1,400 Pick n Pay workers have taken voluntary severance packages since March.

The figure was contained in the retailer’s latest trading statement.
The company blames this on restricted trading, increased operating costs and the alcohol ban due to COVID-19.

Pick n Pay says government’s decision to ban the sale of alcohol and tobacco has also been detrimental to the business.

It projects headline earnings per share, for the 26 weeks to end August, will drop by more than 50 percent.

The share price was down over three per cent on Tuesday morning.

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Source: eNCA