Morrisons has confirmed it axed 3,600 jobs and close 17 stores as part of the company's latest restructuring plans.
The supermarket giant reduced its workforce from 104,819 to 101,144 over the last financial year after posting a decline in revenue.
These job cuts are believed to have specifically impacted in-store and distributing staff, head office employees and manufacturing workers.
In the 12 months to October 27, 2024, Morrisons experienced a dip in sales which has forced it to join other retailers in implementing store closures.
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Morrisons is axing jobs
| GETTY IMAGESIt should be noted that financial data used to defend the latest round of job losses pre-date the 17 store closures from Morrisons earlier this year.
In its latest financial statement, the supermarket chain noted it needed to slash costs due to soaring financial pressure after experiencing a pre-tax loss worth £919million in 2023 and £1.3billion in 2022.
The business recently reported a hike in sales for the second quarter of its current financial year, with like-for-like sales jumping from 4.2 per cent to £3.9 billion.
Over recent years, other supermarket chains have been forced to shut down stores amid the cost of living crisis, including Tesco, Sainsbury's and Aldi.
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Supermarkets have been impacted by store closures
| gbnewsSpeaking to City AM, the company's chief executive Rami Baitiéh said: "Against the backdrop of a challenging macro environment, with inflation driving subdued consumer sentiment, value remains at the forefront of customers' minds.
"Throughout the first half we’ve worked hard on helping customers through these challenges with a rigorous focus on price, promotions and meaningful rewards for loyalty."
Despite these closures, research from PwC found that total of 12,804 shops and outlets belonging to multiples and chains exited UK high streets, shopping centres and retail parks in 2024.
This figure is the equivalent to 35 closures per day and represents a drop from last year and the second fewest closures in a decade.
Jacqueline Windsor, the head of Retail at PwC UK, said: "Our latest Store Openings and Closures insights indicate a cautious optimism for the retail sector.
"This creates opportunities for stakeholders to seize momentum and unlock growth by tackling market challenges and capitalising on evolving consumer behaviours."
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Britain's high streets have been hit by a wave of store and restaurant chain closures | PAHere is a full list of the 17 Morrisons store closures that have already taken place:
- Gorleston Lowestoft Road – April 16
- Shenfield 214 Hutton Road – April 16
- Peebles 3-5 Old Town – April 16
- Poole Waterloo Estate – April 16
- Tonbridge Higham Lane Est – April 16
- Romsey The Cornmarket – April 16
- Stewarton Lainshaw Street – April 16
- Selsdon Featherbed Lane – April 16
- Great Barr Queslett R – April 16
- Whickham Oakfield Road – April 16
- Worle – April 16
- Goring-By-Sea Strand Para – April 16
- Woking Westfield Road – April 16
- Wokingham 40 Peach Street – April 16
- Exeter 51 Sidwell Street – April 16
- Bath Moorland Road – April 16
- Haxby Village – May 14.