Devoured by Private Equity. Morrisons reports £1.1bn loss, £8.6bn debt pile, £735m interest paid, 8,800 jobs lost, assets sold, market share lost. Low wages/investment, high leverage, asset striping, job cuts, tax dodges are private equity speciality. theguardian.com/business/2024/…
@premnsikka Ken Morrison will be turning in his grave.
@premnsikka Morrisons: The private equity business model at work. Financially engineered asset stripping. Leaving behind an emaciated business fit only for administration?
@premnsikka And Asda too. Clearly EU based firms possibly less likely to be subject to disaster capitalism like Lidl, Aldi etc
@premnsikka Have a friend who worked on the syndication, the underlying play beyond the retail element is Morrison’s real estate. They own ~90% of their stores.
@premnsikka We need independence sooner rather than later before there is nothing left in Scotland worth having
@premnsikka @SussexBylines Asset strippers, in my lost youth. RIP Jim Slater.
@premnsikka Well said as always. x.com/chirpychet/sta…
@premnsikka Well said as always. x.com/chirpychet/sta…