Irish book and stationery retailer Eason has reached agreement with staff on a cost reduction programme that will involve about 150 voluntary redundancies as it seeks to achieve savings of €5 million a year, according the Irish Times.

Consultations with staff and union representatives about the restructuring plan have taken place over the past nine months, under the auspices of the Labour Relations Commission. Eason employs about 1,000 staff in the Republic. The company has also completed a refinancing of its banking facilities with Barclays Bank. As part of its business plan, Eason intends to spend €12 million upgrading its IT systems over the next 18 months to deliver improved margins and cost efficiencies.

Last year Eason said it would invest €20 million over three years on store refurbishments, a new retail and marketing strategy, new IT systems and an upgrade of its digital and online offering. Eason’s sales performance in December compares with a decline of 4.8 per cent in the overall retail market for books, stationery and newspapers, according the Central Statistics Office.