Giant Eagle Offering Employee Buyouts
Giant Eagle is offering buyouts to about 1 percent of its corporate employees. The supermarket chain announced earlier this week that it’s cutting costs because of falling grocery prices, and analysts contend that competition from discount chain Aldi is increasing. The buyouts don't affect store employees like cashiers and baggers; they're limited to corporate employees — roughly 340 people.
Total Retail’s Take: Giant Eagle is trying to keep itself profitable. One analyst is quoted that the employees who have been offered buyouts are older and ready for retirement. Other grocery chains have been repositioning themselves as competition grows from online delivery services and falling food prices. The Bureau of Labor Statistics said food-at-home prices have declined nearly 2 percent in the last year, with most of that drops in prices for meats, poultry, fish and eggs.