SUPERMARKET chain Morrisons have announced the closure of 11 of its stores after reporting a slump in profits.
900 jobs are at risk with as bosses look to revive the flagging company’s fortunes.
Pre-tax profits for the half-year to August 2 fell 47% to £126 million while like-for-like sales for the period dropped 2.7% compared with the same period last year.
New chief executive David Potts said the group faced a “long journey” to turn around its fortunes.
“This is a difficult decision but one which we cannot see any way through to make those stores viable,” he said.
The location of the stores that are set to close has not yet been made public, butit is understood to be smaller branches that will be shut down.
Staff are currently being informed if their positions are under threat.
It comes a day after Morrisons said it was selling 140 M local convenience stores for around £25 million to concentrate on its larger supermarkets.The secrets of the bargain basement supermarket discount chains leave shoppers spoilt for choice: click here to read more
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