The Works is scrapping its loyalty scheme at the end of this month as it looks for ways to reduce costs amid ongoing inflationary pressures.
The value retailer’s Together Rewards programme, which gives customers five points for every £1 spent, will close down on March 30 and members have until June 29 to redeem any vouchers they have collected.
The Works chief executive Gavin Peck said: “With high inflation and a cost-of-living crisis affecting many of our customers, we’ve done our best to avoid putting up prices – and we’d like to keep it that way.”
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“To make sure we’re keeping our prices competitive and offering the best value and service, we have had to look at other ways to make savings.
“After careful consideration, we have decided to end our ‘Together Rewards’ loyalty scheme.
“This was not an easy decision and we understand this will be disappointing news to our customers that use the scheme, but we have done so in order to maintain fantastic value across our ranges.”
The decision comes as Peck announced at the start of the year his focus was on “cost reduction, rebuilding margin and profitability, and conserving cash” after the business reported widening losses.
The Works reported its pre-tax loss deepened from £7.3m to £14.8m in the six months to 29 October as it faced tough cost headwinds due to inflation and the increase in National Living and Minimum Wages.
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