UK supermarket group Wm Morrison is to sell up to 120 smaller Safeway stores to rival grocery retailer Somerfield.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
The two retailers are believed to be negotiating on the exact terms of the deal, which is expected to be worth around £250m (US$450.8m), reported The Financial Times.
Morrisons said at the end of June that it planned to sell up to 120 smaller Safeway stores in a bid to improve the performance of the supermarket chain it acquired earlier this year. The stores it plans to sell to Somerfield are all under 15,000 sq ft and represent around 10% of Safeway’s sales.
