Supermarket woes deepen over price wars

first_img whatsapp Kasmira Jefford Tuesday 21 October 2014 9:09 pm More From Our Partners Brave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.com‘The Love Boat’ captain Gavin MacLeod dies at 90nypost.com whatsapp THE UK food industry’s troubles were laid bare today after a report revealed the sector had suffered the sharpest rise in financial distress compared with other UK industries.According to Begbies Traynor’s latest Red Flag update, which monitors the health of UK companies, levels of “significant” financial distress among UK food retailers rose by 11 per cent over the past three months and by 53 per cent over the year to include 4,239 struggling businesses.More severe cases of “critical” financial distress rose by 23 per cent in the last quarter, including seven large food retailers, which were categorised as businesses with more than 500 employees.“With Tesco in trouble following revelations of its £250m profits guidance overstatement, and dampened sales expectations from Morrisons and Sainsbury’s, all have been forced to cut prices in a bid to encourage shoppers back through their doors and recapture market share,” Begbies Traynor partner Julie Palmer said.She added that supply chain disputes, inefficient legacy sites and, in some cases poor financial management, were among the biggest issues facing the grocers. Share Show Comments ▼ Supermarket woes deepen over price wars Tags: NULLlast_img