Morrisons blames Labour for closure of 100 lossmaking stores

cityam05-22

Morrisons has battled to reduce its £3.1bn debt pile in recent years Morrisons has taken aim at Labour policy for “significant cost increases” as it announced the closure of 100 lossmaking stores. The...

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href=https://www.cityam.com/morrisons-blames-labour-for-closure-of-100-lossmaking-stores/><strong>cityam</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Morrisons has battled to reduce its £3.1bn debt pile in recent years Morrisons has taken aim at Labour policy for “significant cost increases” as it announced the closure of 100 lossmaking stores. The...</p>\n\n<a href=\"https://www.cityam.com/morrisons-blames-labour-for-closure-of-100-lossmaking-stores/\">Source 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Thursday that it will close the 100 unprofitable Morrisons Daily convenience stores, in a move which could affect hundreds of jobs.Morrisons has faced steep debt costs following its 7bn takeover by private equity firm Clayton Dubilier & Rice  in 2021.The group blamed the government’s tax and regulation policy for the closures, though the Financial Times reported the affected stores had been unprofitable for years.Supermarkets have hit out at the government over the significant costs they face from tax rises and regulatory pressure, including hikes to employment costs and the Extended Producer Responsibility  sustainability packaging tax.Chief executive Rami Baitiéh met with the Chancellor and other supermarket bosses in April Earlier this week, it emerged that the ","collect":0,"end_time":0,"defaultTopTitle":"cityam.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"EPR":"EPR不动产","BK4234":"特殊用途房地产信托","BK4084":"特种房地产投资信托"},"translate_title":"莫里森指责工党关闭100家亏损商店","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"EPR":1},"content_text":"Morrisons has battled to reduce its £3.1bn debt pile in recent years Morrisons has taken aim at Labour policy for “significant cost increases” as it announced the closure of 100 lossmaking stores. The supermarket chain said on Thursday that it will close the 100 unprofitable Morrisons Daily convenience stores, in a move which could affect hundreds of jobs.Morrisons has faced steep debt costs following its £7bn takeover by private equity firm Clayton Dubilier & Rice (CD&R) in 2021.The group blamed the government’s tax and regulation policy for the closures, though the Financial Times reported the affected stores had been unprofitable for years.\n\nSupermarkets rage over tax burden“This situation has been exacerbated in more recent years by significant cost increases resulting from government policy choices, which have made returning these stores to profitability even more difficult,” it said.\n\n\n\n\n\n\nNews Updates\nStay ahead with our three daily briefings delivering all the key market moves, top business and political stories, and incisive analysis straight to your inbox.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSupermarkets have hit out at the government over the significant costs they face from tax rises and regulatory pressure, including hikes to employment costs and the Extended Producer Responsibility (EPR) sustainability packaging tax.Chief executive Rami Baitiéh met with the Chancellor and other supermarket bosses in April (Ben Whitley/PA Wire)Earlier this week, it emerged that the government had been urging supermarkets to cap prices on certain products including milk and bread, as Rachel Reeves pushes to stem the rising cost of living caused by 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