Morrisons had previously announced its intention to sell the smallest Safeway stores - under 15,000sqft to exit the convenience grocery market that accounted for 10 per cent of total Safeway sales.
The retailers are currently negotiating the exact terms of the sales which will boost profits which are below market expectations, after the group’s first [profit warning in 20 years. Executive chairman Sir Ken Morrison had blamed the downturn on problems integrating Safeway. Morrisons has recently cut prices and is renegotiating supply contracts in an attempt to get shoppers back in the stores.
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