Morrisons closes 11 stores after M sell-off
10th September 2015
UK: Morrisons has announced it is to close 11 stores, just 24 hours after agreeing to sell its M convenience stores for £25m.
The closure announcement follows a 47% drop in half yearly profits announced today. The locations of the stores has not been revealed but are said to be mainly smaller-sized supermarkets.
Yesterday the retailer announced the sale of 140 of its M local convenience stores for £25m to a team led by retail entrepreneur Mike Greene and backed by Greybull Capital LLP. Morrisons will retain five M local stores, which are either on forecourts or will be converted to small Morrisons supermarkets.
Morrisons says that its review of the business, announced in March, revealed that M local would have required significant further investment in new sites, plus additional capital expenditure and lease commitments, to reach profitability.
