Morrisons - comment

Morrisons is cutting costs rather than prices. There are only 365 in-store redundancies, so the cash impact will be modest. 

However, with Tesco and Sainsbury joining ASDA by dropping some prices, Morrisons will see some volume pressure. So far, ASDA and Tesco are targeting the discounters, but there will be some margin friction at Morrisons. Both Morrisons and ASDA have a significant equity cushion supporting the debt.

https://www.morrisons-corporate.com/media-centre/corporate-news/morrisons-optimisation-strategy-continues-with-changes-made-to-cafes-market-kitchens-convenience-stores-counters-florists-and-pharmacies/

https://internationalsupermarketnews.com/archives/19051