Supermarket chain The Co-op is axing 400 jobs at its head office in Manchester after blaming soaring inflation and difficult trading conditions for its poor financial performance.
The company has said that supply chain chaos, higher staff wages, and record food prices have slashed its annual profits in half. The retailer’s underlying profit fell by 57% to £100m in 2021.
The Co-op employs more than 63,000 people across the country.
