It was hardly the best of timings. On 23 January this year, Morrisons (MRW) warned managers that 3,000 of their roles were to be replaced by 7,000 new in-store “customer service positions”. After a disappointing Christmas, Morrisons’ sales had fallen by 3 per cent, more than at Tesco (TSCO), Sainsbury’s (SBRY) and Asda. All were looking for cost savings as they continued to lose market share to Aldi and Lidl.
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OPINION
Investment’s reputation problem
Healthy stock markets are an essential part of a healthy economy
John Hughman