UK retailer Morrisons, which recently acquired compatriot grocer Safeway, is to sell off a further 14 stores as part of its agreed disposal programme.
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Sainsbury’s has agreed to buy the stores for an undisclosed sum. They include 13 Safeway fascias and one Morrisons store, and have a book value of £110m (US$192.5m).
Commenting on the latest tranche of store divestments, Bob Stott, joint managing director of Morrisons, said: “Our integration of the Safeway business with Morrisons is progressing and today’s announcement is a further step in the overall process.
The deal adds over 400,000 square foot sales space to Sainsbury’s portfolio in the UK, a little less than 3%. It affects 2600 staff members who will transfer to Sainsbury’s.
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