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Asda has announced that it will reduce hybrid working and cut 475 roles at the company’s head offices in Leicestershire and Leeds as part of a business restructure. The move will affect less than 10% of the head office staff and will allow the company to “simplify structures” in a challenging market. From January, office attendance will also become compulsory for a minimum of three days per week, according to Lord Rose, the company’s chairman.
The company’s spokesperson said that the changes will result in 475 colleagues being made redundant, and fixed-term contractors working on the IT project will also leave over the next few months. Employees will be required to be present in an Asda office location for a minimum of three days per week from January 2025. Lord Rose said that the changes were necessary to ensure the company was “best placed to meet our long-term ambitions,” adding that the firm was “redefining roles and accountabilities to remove duplication and simplify structures.”
Asda was purchased for £6.8bn in 2020 by billionaire brothers Zuber and Mohsin Issa in a deal backed by equity firm TDR Capital. The company announced last week that TDR Capital had acquired the shares of Zuber Issa, who then resigned from his non-executive role on Asda’s board. TDR Capital now owns 67.5% of Asda, while Mohsin Issa, who stepped back from his executive leadership role in September, owns 22.5%, with the remaining 10% held by Walmart.
The cuts come after the company revealed a 2.2% decline in total revenues, excluding fuel, from April to June 2024, amid challenging market conditions. Asda noted that the changes being communicated were necessary to ensure the company’s long-term success
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