Friday, 11 September 2015

Morrisons Shuts Up Shops

Supermarket chain Morrisons is to close 11 stores with the potential loss of 900 jobs as part of plans to transform the company's fortunes. It also reported a 47% drop in half-year pre-tax profit to £126m. Chief executive David Potts, who started in March, said he regretted the proposed closure of the 11 stores. On Wednesday the retailer said it was selling 140 loss-making "M" local convenience stores for about £25m. The shops will be rebranded as "My Local". The 2,300 staff will be kept on, with an extra 200 jobs to be created by reopening 10 shops that are currently closed. This forms part of the company's £1bn cost saving programme, as it now tries to concentrate on its core supermarket business.