Aldi overtakes Morrisons to become fourth biggest supermarket

[dutchman]

In fairness to Morrisons they did have all the basic foodstuffs in stock on Christmas Eve; milk, eggs, bread, etc., which is not always the case. Although...

The larger trolleys have all been removed which suggests a scaling back in size in the near future?

[dutchman]

Morrisons is making a major change to prices – and shoppers will be happy



MORRISONS is set to slash prices of around 130 items in the new year including bread, cheese and meat.

The supermarket will lower prices from today, January 2, to help shoppers battling against a cost of living crisis.

The price reductions will apply to Morrisons' own-brand ranges including Savers, Wonky and Essentials.

Roughly half - 130 of the total 263 products - in this range will be cut in price, costing Morrisons a total of £16million.

Reductions will be applied to staple fridge, freezer and cupboard items.

It's total hogwash!

They put their prices UP just before Christmas and assumed nobody would notice.

[dutchman]

Morrisons hit by £1.5bn loss after private equity buyout



Morrisons has been haemorrhaging cash since falling into private equity hands two years ago, new documents reveal.

The beleaguered Bradford-based grocer racked up £1.5billion of losses in the year after being bought by US firm Clayton, Dubilier and Rice (CD&R).

A Companies House filing from its parent company laid bare the pressure Morrisons has come under in the wake of the buyout, raising fears about the influence of overseas financiers on key British firms.

Morrisons was snapped up in October 2021 for £7billion by the private equity group in a debt-fuelled deal spearheaded by former Tesco boss Sir Terry Leahy, an adviser to CD&R.

The takeover faced fierce opposition from MPs and senior City figures who warned it could be ruinous for the business and lead to higher prices for customers.

The deal saw £6.1billion of debt piled onto the grocer’s balance sheet, leaving it with huge interest payments and high exposure to increases in borrowing rates.

The year before being taken over, Morrisons was Britain’s fourth-biggest supermarket and reported a £201million annual profit.

But in the year to last October, Morrisons sank to the dramatic £1.5billion loss. Shore Capital retail analyst Clive Black said that it was a ‘very unfortunate outcome for CD&R’.

The loss was partly because of a £400million interest payment to service its debt pile, which Black said is ‘enormous’.

The grocer’s debt also left it less able to keep a lid on costs as the industry grapples with spiralling inflation. After the deal, Morrisons pushed up its prices faster than rivals, leading to an exodus of shoppers.

And in an embarrassing blow for Leahy, now chairman of the business, it lost its coveted spot in the so-called ‘Big Four’ of British grocers in September when it was overtaken by German discounter Aldi. Budget rival Lidl has also set out plans to overtake the business.

Black said that some of Morrisons’ troubles were caused by lengthy competition investigations into the takeover by CD&R and its £190million rescue deal for collapsed convenience store chain McColl’s.

But he added: ‘In seeking to protect profit, CD&R allowed Morrisons’ prices to rise to the point shoppers started to notice, and it has lost more market share than is desirable.’

Despite Morrisons losing shoppers, seeing sales slump and swinging to a loss, the supermarket’s bosses were still handed bumper pay packets.

Chief executive David Potts was among a group of ‘senior managers’ who split a £25million pot between them. Morrisons declined to clarify how many received the pay.

Bankers, lawyers and spin doctors have all also cashed in from the deal, with Morrisons admitting advisers were paid £95million for working on the transaction.

[dutchman]

Just to be clear, they were going downhill even before the latest buyout; unstaffed counters, unmanned checkouts, rip-off prices and sloppy management.

[rebbonk]

If my sources are correct (and they have been thus far) Asda and Morrisons are heading for deep trouble over the next few years. The current 'management' (used advisedly as they are nothing more than asset strippers!) are only interested in stripping out the heart of the companies and leaving the husk of the organisation for some other poor sap to pick up!

[dutchman]

The clock in front of the Holyhead Road store has been broken for weeks and they couldn't be bothered to fix it.

Likewise the larger trolleys have been gradually disappearing.

All signs that they don't intend to stay open much longer.

[dutchman]

Morrisons cuts prices again to lure back switching shoppers

https://www.telegraph.co.uk/business/2023/06/19/morrisons-price-cuts-aldi-lidl/

£3.49 for a medium-size pork pie, £2.50 for a bag of Doritos!

Somebody has a funny definition of 'price cuts'?

[rebbonk]

The customers have the power. Boycott them.

[dutchman]

The customers have the power. Boycott them.

I think customers were boycotting them today? The crisp aisles were deserted and shelves piled high with ludicrously overpriced items.

[dutchman]

Morrisons cuts prices again to lure back switching shoppers

https://www.telegraph.co.uk/business/2023/06/19/morrisons-price-cuts-aldi-lidl/

£3.49 for a medium-size pork pie, £2.50 for a bag of Doritos!

Somebody has a funny definition of 'price cuts'?

Doritos 'reduced' now to £1.75, which is still higher than they were to begin with!

(People still not buying)

I think I was paying £1 a bag during lockdown when supplies resumed after a short absence?

Also, an enormous queue for the self-checkouts when there were manned checkouts available!