Southern Co-op is to sell 22 of its company-owned stores in response to “sustained market change and operating cost increases”.
The society announced that 20 stores would be sold to two third-party retailers and two would be converted to operate under its Welcome franchise.
Existing colleagues at the affected stores will transfer to their new employer under TUPE regulations, which protect employees’ rights when a business or service is transferred to a new employer.
Southern Co-op said it would work closely with the acquiring parties to ensure a “smooth transition, providing full support to colleagues throughout this process”.
“As a food business, we continue to evolve and develop our offering to meet the changing needs of our customers and members. The sale of these stores reflects our ongoing efforts to optimise our store portfolio and strengthen our long-term operating model and in no way reflects the hard work of colleagues,” said Simon Eastwood, Southern Co-op’s chief operating officer for retail.
No comments yet