Southern Co-op could go bust as it looks to lose £20million in the coming financial year, with cost-cutting efforts including a recruitment freeze and reducing office space not working
A British supermarket could be about to fall into administration and put hundreds of stores and thousands of jobs at risk.
Southern Co-op has warned members it could face administration following three consecutive years of financial losses. Now the business is looking to secure a merger deal.
The regional supermarket chain, which operates over 300 food stores, funeral homes and coffee shops across southern England, says merging with the national Co-op Group is its best possible chance. Company bosses sent a letter to members on April 22 to make them aware of the situation.
Members of the group will vote on the merger at meetings set to take place on May 6 and May 21.
The business looks to lose £20million in the coming financial year and cost-cutting efforts including a recruitment freeze and reducing office space have proved insufficient.
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