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. Last Updated: 07/27/2016

Somerfield Retrenches

LONDON -- Somerfield PLC, the troubled British supermarket chain, on Thursday took drastic action to try and reverse its decline, including plans to sell off hundreds of stores to focus on the convenience market.

The company, which merged with discount chain Kwik Save more than a year ago, announced the shake up just a day after sending its shares into a tailspin with a warning that this year's profits would be at the bottom end of market forecasts.

The plans include the sale of between 100 and 140 large Somerfield stores, plus disposal of 350 Kwik Save shops as a going concern.