Morrisons planning to close 100 stores in next few months
Summary
Morrisons plans to close 100 convenience stores in the next few months due to ongoing losses and rising costs. The supermarket company says recent government policies have increased expenses, making it hard for some stores to profit.Key Facts
- Morrisons will close 100 stores soon, mostly convenience stores bought from McColls in 2022.
- The affected stores have been losing money for several years despite efforts to improve them.
- Morrisons says government policies have raised costs, but did not give exact details.
- Last year, Morrisons also closed 52 cafes and 17 convenience stores, risking hundreds of jobs.
- About 200 jobs at Morrisons’ Bradford headquarters are at risk.
- Morrisons has about 1,700 convenience stores and opened over 120 franchise stores last year.
- The company plans to expand and open many more franchise stores by 2026.
- Extra costs to retailers include higher National Insurance contributions, increased minimum wage, and charges for recycling packaging.
- Inflation for food prices was 3% in April, higher than the overall inflation rate of 2.8%.
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