Sainsbury (j) Takeover Rumours (SBRY)

Asda seems to be going from bad to worse... Asda Stores boss and owner Mohsin Issa has announced he is providing an emergency £30 million cash injection amid a sales slump at the troubled supermarket chain. Since the takeover by Mohsin Issa, his brother Zuber, and private equity firm TDR in 2021, Asda's market share has dropped from 14.8% to 12.7%. Recent figures from data company NIQ revealed that sales fell by 5.9% in the 12 weeks to July compared to the previous year. Asda's sluggish performance has led to criticism from union bosses, including Nadine Houghton at GMB. She claimed that Asda has been “cutting hours from the shop floor and not investing in the stores.â€￾ “The GMB sees no evidence that Asda’s owners have a plan to address these deep-rooted issues and return Asda to its rightful place as a value grocer catering to working families,â€￾ Houghton added.