Retail news round-up on March 13, 2015: Morrisons receives £425m contribution from suppliers, Poundland launches DIY range and Target cuts 1,700 jobs.
Morrisons receives £425m contribution from suppliers
Morrisons received £425m in ‘marketing contributions and volume-based rebates’ from suppliers last year, The Times reported. The supermarket giant’s finance director Trevor Strain said, “The headline number looks big, but it is less than 3 per cent of costs.”
Poundland launches DIY range
Budget retailer Poundland is launching a range of 200 DIY essentials - from hammers to packs of paint brushes and screwdrivers- all costing no more than £1, the Daily Mail reports. The retailer has entered into a partnership with celebrity builder Tommy Walsh to develop the line-up.
Target cuts 1,700 jobs
US retailer Target has laid off 1,700 people at its Minneapolis corporate headquarters. In a regulatory filing announcing the redundancies, the company stated that it expects to incur severance costs of approximately $100m. The company also said that 1,400 open jobs will go unfulfilled.