Showing posts with the label UK Business.

News | UK Business: UK´s Third-Largest Steelmaker said The Collapse of its Financial Backer "Creates a Challenging Situation"

Image Liberty Steel boss Sanjeev Gupta says collapse of lender is challenging BBC News 2-3 minutes image copyrightReuters image captionSanjeev Gupta, who has been called the "saviour of steel" The boss of the UK's third-largest steelmaker has said the collapse of its main financial backer "creates a challenging situation". Sanjeev Gupta was speaking at crisis talks with unions concerned for the future of Liberty Steel after specialist bank Greensill Capital went into administration. The collapse puts 5,000 jobs at risk at Liberty Steel and other firms. Mr Gupta said his group was taking "prudent steps" to manage cash. Greensill Capital was the main lender to Mr Gupta's sprawling empire, GFG Alliance, which includes Liberty Steel. Liberty owns 12 steel plants in the UK including in Rotherham, Motherwell, Stocksbridge, Newport and Hartlepool. 'Adequate funding'

News | Business | UK: Sainsbury's to cut 3,500 jobs and close 420 Argos stores

  3-4 minutes - Source: BBC image copyrightSainsbury's Sainsbury's has announced 3,500 job cuts, mainly from the Argos chain it bought in 2016. The retailer said it planned to close about 420 standalone Argos stores by March 2024, although it would open 150 more outlets in Sainsbury's stores. Jobs will also go in the supermarkets with the closure of its delicatessens and fresh fish and meat counters. The firm also posted half-year results, revealing a £137m loss which it blamed on closures and "market changes". It comes on the day England enters a second lockdown, which Sainsbury's said would continue to accelerate "a number of shifts in our industry" as it expands its online and digital operations. Sainsbury's said in its statement that the 120 standalone Argos stores that had not reopened since they were closed in March would now shut permanently. By the end of the restructuring programme, Sainsbury's said it

News | Business | UK: Daily Mirror owner to cut 550 jobs as sales fall

3minutes - Source: BBC Image copyright PA The owner of the Daily Mirror and the Daily Express is to cut 12% of its workforce as it struggles with the impact of the coronavirus pandemic. Reach, which also owns the Daily Star, OK! Magazine and a stable of regional newspapers, said about 550 people would lose their jobs. The group, whose sales were falling even before the pandemic, saw revenue slip nearly 30% in the quarter to June. Boss Jim Mullen blamed a fall in circulation and advertising revenue. "To meet these challenges and to accelerate our customer value strategy, we have completed plans to transform the business and are ready to begin the process of implementation," he said. "Regrettably, these plans involve a reduction in our workforce and we will ensure all