British supermarket chain Morrisons has announced the closure of 132 McColl’s convenience stores so that the retailer can make a profit in the medium term. According to an article in European Supermarket Magazine, the retailer plans to close most stores this year, leaving 55 stores with a post office to close in 2023. The McColl’s chain was acquired out of administration last May, but the deal was only cleared last …
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Morrisons
British supermarket chain Morrisons, owned by the US private equity group Clayton, Dubilier & Rice, was selected ahead of Asda owners’ in the bid for McColl’s chain ownership. According to sources, McColl’s was sold via a pre-pack administration, after the retailer’s lenders had declined a request to restructure its debt. With Morrisons’ offer, McColl’s stores and human resources will be retained. The 16,000 McColl’s staff will be transferred to Morrisons, …
US private equity firm Clayton Dubilier & Rice (CD&R) has won an auction to acquire the Morrisons supermarket chain with an offer of £7 billion ($9.4 billion), outbidding Fortress Investment Group, according to an Insider Media report. CD&R reportedly bid £2.87 in cash for each Morrison share, beating the £2.86 offer made by Fortress Investment Group. Morrisons has a workforce of about 120,000 staff in the UK, including across its 497 supermarkets, as …
UK supermarket chain Morrisons has agreed on a takeover offer from a consortium led by US-based Fortress Investment Group in a deal worth $9.01 billion, according to BBC and FoodBev reports. Morrisons, which has around 500 outlets and a workforce of more than 110,000, had previously rejected a bid from another US private investment group which valued the company at $7.65 billion. Fortress Investment Group’s previous UK investments include alcoholic …
Leading e-retailer Amazon has signed a deal with supermarket chain Morrisons that will enable it to begin selling fresh and frozen food in the UK for the first time, according to reports from the Guardian and the BBC. The new deal will see ambient, fresh and frozen products available to order on both Amazon Prime Now and Amazon Pantry over the coming months. In 2015, in what was then its …
UK supermarket chain Morrisons is to launch a new milk brand that is claimed to support dairy producers by ensuring that 10 pence per litre of the retail milk price is returned directly to farmers. The move comes on the back of a number of direct action protests by farmers targeting the retailer’s stores. “We recognise that the current market for liquid milk is impacting on hardworking dairy farmers and …
Morrisons, the UK’s fourth biggest supermarket chain, has announced that it is looking to hire 5,000 new shop floor staff in its supermarkets in a bid to improve service and increase the number of available checkouts. The new strategy also includes proposals to reduce up to 720 head office roles, where staff numbers have grown 50% since 2008. The move comes after Morrisons posted a decline in turnover and profit …
Supermarket group Morrison has Andrew Higginson as its next chairman, according to media reports. Sir Ian Gibson, Morrison’s current chairman who is is to retire in 2015, commented: “Andy Higginson has a tremendous reputation and a distinguished career at the forefront of retailing in the UK and I am sure he will be a huge asset to Morrisons. I am very pleased to welcome him to the Board as Deputy …
BBC News reports that supermarket chain Morrisons has recorded a loss of £176 million ($292 million) for the year to the end of February which is a decrease in profit of £879 million ($1,458 million) compared to the previous year. While the loss can largely be explained by a one-off writedown of £903 million ($1,499 million) due to property and IT costs, as well as the poor performance of Kiddicare, …
Morrisons is the first major retailer in the UK to ban sales of energy drinks to under 16s, the BBC reports. The supermarket, which is trialling the ban in stores in Glasgow, Dorset, Leeds, Cheshire, Staffordshire and Suffolk, will require customers wishing to purchase certain energy drinks to show proof of age if staff believe they may be under 16. Any energy drink containing more than 150mg of caffeine per …
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