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BusinessLive reports that Distribution and Warehousing Network (Dawn) is to retrench more than 700 of its employees as part of a cost-cutting strategy aimed at saving the ailing business from collapse.
Dawn, which makes and distributes hardware, sanitaryware, plumbing, kitchen, engineering and civil products, said on Tuesday economic conditions had deteriorated over the past five months such that a turnaround plan it had published in July 2018 was no longer adequate. The company said its large-scale cost reduction plan would position it for recovery "in line with its turnaround plan". In addition to the retrenchments, Dawn will reduce expenditure on support services and infrastructure, resulting in a “small, but appropriate head office structure." The company indicated that it would implement structural changes to refocus each subsidiary on its core competencies, and to "leverage synergies" between the group’s subsidiaries, particularly its three largest subsidiaries, Wholesale Housing Supplies, Incledon and DPI Plastics.
- Read this report by Alistair Anderson in full at BusinessLIve
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