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
StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.