Morrisons to axe M Local stores
Morrisons are looking at getting rid of its convenience stores - you'll know them as the M Local shops - after the supermarket reviewed where it was at. They were slow on the uptake of local shops, compared to Tesco and Sainsbury's, and as such, have been pretty much left behind in the sector.
Their main supermarkets aren't much better either, but that's not what we're talking about right now.
And it looks like someone called Greybull Capital is going to snap the stores up. They love a troubled business though, as last year, the investment company threw money at the struggling Monarch airline, to the tune of £125million.
With around 160 convenience stores, chairman Andy Higginson said that more than 30% of these shops had not worked and new chief executive David Potts has been very clear that he wants to focus on the bigger supermarkets. The company have already said that they're clearing out throughout, with 720 jobs being chopped from their headquarters.
Morrisons said earlier in the year: "Convenience is a channel that we expect will continue to grow in future. Over recent years, we have been working to grow M local at pace in order to quickly gain critical mass and learn."
"However, for stores now in their second year, we are not seeing the level of trading performance we had anticipated."