Morrisons chairman: 'It is difficult for shareholders'

Morrisons supermarket chain has reported its worst results in eight years, with pre-tax profits down by 52% to £345m.

The company has said it will close 23 convenience stores, resulting in the loss of 300 jobs.

Morrisons chairman, Andrew Higginson, said the company was undergoing a "controlled and planned reset of the business, but it has been painful".