Retailer to cut wages despite cost of living crisis
The UK’s third largest supermarket retailer has announced that it is in consultation to drop the wages of around 7,000 workers in the London area in a bid to make cost savings across the business.
The Guardian reports that Asda’s owners have been looking to make cutbacks in a bid to service the huge loan which they took on in 2020, in order to purchase the business. The cost of debt has risen sharply since then, forcing them to look at various cost saving measures, including mergers and changes to shift patterns.
Many businesses are facing similar issues with rising costs and the interest on debt increasing repeatedly over the last year.
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