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Stock impact report

Ocado wields the axe to save £150m as debt squeeze tightens [Yahoo! Finance]

Kroger Company (The) (KR) 
Last kroger company (the) earnings: 3/5 08:30 am Check Earnings Report
US:NYSE Investor Relations: ir.kroger.com
Company Research Source: Yahoo! Finance
Ocado has confirmed plans to cut around 1,000 jobs as it aims to save £150m to ease growing debt pressures. The struggling grocery tech giant unveiled details of radical cost savings in its full-year results on Thursday, which revealed borrowing costs of £147m on a total debt pile of £1.5bn. Tim Steiner, the company's chief executive, said about 500 roles will be cut from its research and development arm as part of the restructuring – with the total number of redundancies accounting for 5pc of its workforce. Ocado, which builds robot warehouses and owns 50pc of Ocado Retail, is making a significant attempt to improve its fortunes after recently losing crucial warehouse contracts in North America. The company's shares were rocked last year after US retailer Kroger confirmed plans to close three automated warehouses that used the company's technology. This was followed by Sobeys, a supermarket in Canada, shutting another site using Ocado's kit. Mr Steiner said: “We were paid Show less Read more
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