Morrisons has racked up nearly £1bn of losses as the debt-laden supermarket struggles to turn around its fortunes. Earlier this year, Morrisons announced the closure of 100 former McColl's newsagents as it blamed "government policy choices" for rising costs. Rami Baitieh, the chief executive of Morrisons, has previously complained of an "avalanche of costs" facing the supermarket. Morrisons controls the freehold on about 80pc of its stores, which is among the highest levels in the sector. Aldi overtook Morrisons to become Britain's fourth-biggest supermarket in 2022, while Lidl pushed Morrisons down to sixth in May this year.