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Morphy Richards to axe jobs and cut spending

Published: 16 March 2009
Small appliances manufacturer Morphy Richards is the latest industry name to announce cost-cutting measures, including job losses.
Morphy Richards to axe jobs and cut spending
Employees at the company have been told that 28 UK posts will be lost within the next few weeks, during which time the management will be consulting with employees and their union.

Morphy Richards says the current economic climate and falling demand for its products are to blame.

The company operates from sites in Mexborough and Manvers in Yorkshire, but has not said where the redundancies might come. In a bid to reduce costs further it is cancelling bonuses, looking to cut working hours and putting a hold on recruitment.

In a statement CEO Phil Green said: "The impact of the economic crisis and the sharp decline in the exchange rate of the US dollar and Euro has had an adverse affect on our business, and the whole retail market remains extremely tough, with a decline in consumer demand for all small electric appliances.

"Regretfully, we must plan for the coming year and in anticipating turbulent trading conditions, take immediate action to stabilise our trading position, reduce costs and reposition our business."

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