Ocado Cuts Jobs Amid Restructuring

0:00It's February 26th, and this episode is brought to you by NordVPN, fast, reliable online privacy. Links in the episode description, and now, here's what's happening across the UK. Ocado's Chief Executive, Tim Steiner, has announced a major restructuring that will eliminate a significant number of jobs across the company. The firm specializes in technology for supermarket distribution centers and also operates an online grocery service in partnership with Marks, and Spencer. Last year, Ocado shares took a big hit when key North American partners, including Kroger in the United States and Sobes in Canada, decided to shut. Down several centers run by the company. Steiner explained that these moves aim to match a lower cost structure the company has been targeting for years now. While the cuts are regrettable, Ocado plans to support the affected workers through the transition as it adapts to ongoing market pressures.