Morrisons share price dips on jobs risk news
Hundreds of jobs are at risk at Morrisons.
Hundreds of members of staff at Morrisons have been told their jobs are at risk as the supermarket chain aims to reduce its costs.
A four-week consultation has been launched with 689 cash office managers and supervisors across its 490 stores, with a move to replace manual cash counting with machines mooted.
On the back of the news hundreds of workers could be set to lose their jobs, the share price of the company was down by almost one point – a drop of 0.34 per cent – at 15:30 BST today (April 10th).
A spokesperson for the supermarket said: "The introduction of new technology is an ongoing programme to ensure that Morrisons continues to improve its competitiveness."
The firm is under pressure to cut costs after its latest financial results revealed a major drop in its profits, with the company struggling to keep pace with rivals such as Tesco and Asda.
Morrison's share price is now at 278.34, well down on the 52-week high of 320.29.
Find up to date information on the FTSE 100 and spread betting strategies at City Index