Giant Eagle Offers Buyouts to More Than 300 Employees
PITTSBURGH, PA - Giant Eagle is moving forward on a strategic plan to reduce overhead by offering to buy out upwards of 340 corporate employees.
“The company has realized a need to maximize cost efficiencies, reduce overhead costs, and streamline our supply chain,” commented Dan Donovan, Manager of Corporate Communications for Giant Eagle, according to news source Trib Live. Donovan stated that, like many others in regional and national food retail, the banner has been impacted by various industry factors recently. “These efforts include a voluntary separation offer made available to a number of team members in its corporate offices.”
Giant Eagle currently has more than 420 locations and about 34,000 employees, with annual sales totalling $9.6 billion.
Factors for some of the impacts Donovan listed included, but aren’t limited to, deflationary trends in food pricing. Trib Live also reported analyst speculations that competition from discounters in the retail circuit have contributed to the market.
“It's all about the money and trying to keep the company profitable,” Milwaukee-based grocery industry analyst David Livingston, told the publication. “It's a cost-saving move because that's what a buyout generally is about.”
The company prides itself on adaptability, however. As we previously reported, CEO Laura Karet named reinvention as key to keeping relevant. As the ever-changing trends continue to influence the market, keep checking in with AndNowUKnow.
