Dutch supermarket company Ahold Delhaize is planning to cut around 300 jobs at its online subsidiary bol.com as part of a restructuring campaign, the company has said.
Bol.com is the Netherlands' largest online store.
The restructuring 'does not mean bol.com is not doing well,' Ahold Delhaize said in a statement confirming the cuts, which were first reported by Dutch newspaper FD. 'Last quarter our sales increased...in addition we were still growing market share.'
Cost Cutting
However, consumers squeezed by inflation are now spending less, the company said, and it plans to cut costs and slow its investment plans in response.
The FD report cited an internal company presentation that the programme is targeting cost savings of around €225 million ($237.15 million) in the Netherlands over three years.
IPO Launch Suspension
In August of this year, the company decided to suspend its intention to launch the IPO of bol.com in the second-half of 2022 and said it would revisit the matter when equity market conditions were more conducive.
In 2021, Ahold Delhaize announced plans to go public with bol.com in the second half of 2022.
The retail chain, which operates in the United States and Europe, said it would retain control over the online platform in the years to come, as it would only list a limited number of shares.
Elsewhere, Blue Apron Holdings Inc will cut about 10% of its corporate workforce to become the latest US firm reining in costs against the backdrop of rising expectations of an economic downturn.
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