Wolseley announces additional layoffs after Q1 profit drops

After Wolseley's profit declined 30% in its fiscal first quarter, which ended Oct. 31, the buildings materials distributor announced plans to lay off 2,300 employees in the U.K. and Scandinavia. The job cuts are in addition to the 5,000 layoffs already implemented in the first quarter. "In these unprecedented circumstances, the key priorities remain driving cost reduction and enhancing cash flow to ensure the group remains compliant with its banking covenants," Wolseley CEO Chip Hornsby said.

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Industrial Distribution online · Modern Distribution Management · Bloomberg

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