The supermarket giant Morrisons has confirmed plans to shutter 100 of its stores, a move that will slash thousands of jobs and leave gaping holes in communities across Britain. Sources confirm the closures are part of a brutal restructuring aimed at cutting costs and pivoting to online deliveries. But the real story lies in the numbers.
Uncovered documents show Morrisons has been haemorrhaging cash for months. Market share has slid to 8.7 per cent, down from 10.2 per cent in 2020. The company's debt has ballooned to over £3 billion after a leveraged buyout by private equity firm Clayton, Dubilier & Rice (CD&R) in 2021. Now the bill has come due.
The closures will hit the hardest in towns already gutted by the decline of the British high street. Former industrial hubs in the North and Midlands are set to lose multiple stores each. One insider said the board is 'cutting off limbs to save a corpse'.
But don't mistake this for a simple tale of retail woe. Follow the money. Morrisons' real estate arm, which owns many of these stores, is valued separately. Selling off prime sites could net CD&R millions in profit, even as communities lose their only affordable grocer. Unaccountable power operates in plain sight.
The Competition and Markets Authority should be watching. But with the government distracted by scandals and a looming election, don't expect any meaningful intervention. The high street transformation is a code word for extraction. Workers will be sacrificed, shoppers will pay more, and the oligarchs will pocket the change.
I have seen this pattern before. It happened to BHS. It happened to Debenhams. Now it's happening to a supermarket that was once a British institution. The casualties: 100 stores, thousands of jobs, and the fragile trust that keeps a community together.
Morrisons says it will 'consult' with staff. Translation: we will fire you with minimal compensation. The union, Usdaw, has called for urgent talks. But don't hold your breath. In corporate Britain, the suits always win.
This is not just a business story. It's a story about power, greed, and the people left behind. And I promise you, the bodies are still being counted.
