An un-hapi time at Sealord

Just a few days after the Job Summit, Nelson-based Sealord is cutting at least 180 jobs and creating 50 in what Businessday describes as “a major restructure aimed at boosting its flagging financial performance and adapting to tougher economic times”.

The net result is 130 jobs down the gurgler. At least, it is if Alf has done his sums correctly, which can’t be guaranteed at this time of day.

‘Sealord’s core business unit, its New Zealand based fishing operations, has been earning returns significantly below its cost of capital for several years,” Sealord chief executive Graham Stuart said.

Inevitably, the trade unions are crying foul.