The Latest Breaking News from Mohsin Issa

Asda did not disclose the price of the sale, which is reported to be at a big discount to the original purchase price.

Asda's quarterly sales have dropped 4.2%, its steepest fall since the 2021 acquisition by the Issa brothers. While executives stress ongoing transformation, analysts and customers remain unconvinced, questioning whether optimism and digital investment can reverse the supermarket's decline in an increasingly competitive market.

With its shelves emptying and its billionaire owners in retreat, the struggling retailer has had to call in its veteran chair as chief executive

Awkward interregnum in which former M&S boss is taking charge sums up chaotic progress since purchase from Walmart

Lord Rose is chair of supermarket and will take over day-to-day duties from Mohsin Issa

Sales fell 6.4% in the three months to 10 August as chain becomes the only one of the big four to see sales drop

GMB accuses owner TDR Capital of mismanagement as sales at supermarket fall 6%

Union warns of risks to shoppers and staff after sale of younger brother’s 22.5% stake to private equity co-owner TDR Capital

The brothers had jointly built up a retail and petrol forecourt empire over years