Walmart has revived talks to sell a stake in Asda after having paused the process in April due to the coronavirus pandemic. Although there is yet not certainty a transaction will occur, Walmart said it was in talks with “a small number of third-party investors following renewed inbound interest” (The Financial Times £). Walmart is looking to sell a stake in Asda and work with a partner following the failed merger with Sainsbury’s a year ago (The Times £).
Marks & Spencer has announced on Monday it will cut 950 jobs following disruption caused by the coronavirus pandemic. The retailer said the cuts will affect office support staff, as well as store, and property managers as part of a plan to save £500m announced in May (The Financial Times £, The Telegraph). M&S said the changes were intended to create “more adaptable management structures” (The Guardian). The management shake-up is part o the first phase of the retailer’s “never the same again” transformation plan announced earlier this year (Sky News, The Times).
Cadbury’s has announced that from next year its chocolate bars will contain no more than 200 calories, though the Mondelez-owned brand will achieve this result through shrinkinflation, reducing the size of the bars but not their prices (The Financial Times £).
The FT looks at Britain’s casual dining sector and at the prominence private equity buyers are having within it, with over 15 chains seeking or having sought buyers due to the coronavirus pandemic - most of whom from PE houses (The Financial Times £).