The boss of the bakery chain warned that Greggs “will not be profitable as a business” if sales continue at the rates they have been in lockdown.
British baker Greggs <GRG.L> will cut 820 shop staff jobs as it expects trading to remain below normal for the foreseeable future due to the COVID-19 pandemic, a company spokeswoman confirmed on Friday. The job losses were first reported by The Sun. Greggs, best known for its sausage rolls, steak bakes and vegan snacks, said in September it had launched a consultation with union and employee representatives and was aiming to minimise job losses by negotiating reduced staff hours.
While I think it is a strong company, I suspect there may be more downside for the Greggs share price yet. The post Why I am waiting for the Greggs share price to fall even more appeared first on The Motley Fool UK.