Following the GBP1.1bn (US$1.93bn) takeover of Somerfield by a consortium of investors including property tycoon Robert Tchenguiz, private equity firm Apax Partners and investment bank Barclays Capital, the company’s board of directors has called for a review of underperforming and unprofitable product lines.
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In a statement released yesterday (18 January), the supermarket chain said: “Our current product range has grown as a result of our store acquisition activity and does not reflect the optimum range of our business and our small format store model.”
Reports have suggested that the review will focus on multinational consumer goods corporations. A spokesperson for the company told just-food that it was not, as yet, prepared to give further indication of which brands are in jeopardy.
