Source: Grocery Dive
When Albertsons scuttled its plan to merge with Kroger last month, CEO Vivek Sankaran declared that it was primed to “start this next chapter in strong financial condition.” But the grocer’s disclosure this week that it is letting go of an unspecified number of corporate workers is a sharp reminder that the road ahead will not be paved with gold.
Sankaran hinted that trouble was brewing for employees on Jan. 8, when he said during an earnings call that Albertsons would strive to shave $1.5 billion in costs over the coming three years as it looks to drive “transformational productivity.” Albertsons CFO Sharon McCollam, meanwhile, told investors on the call that the company has been hammering out a strategy to boost efficiency for two years: “We didn’t just come and lay out a plan today.”
Share This Story
