Tesco will be closing 43 unprofitable stores – more than 50% of which will be local convenience shops, known as Tesco Express.
The firm is also ending plans to open a further 49 new “large” stores.
On top of this, Tesco is closing its staff pension scheme, will make cuts of £250m, and reduce overheads by 30%.
Seem like some very drastic actions to save the company as if it were.
Investors welcomed the decision as share prices increased more than 13% today.
Tesco’s chief executive, Dave Lewis, said the firm was “facing the reality of the situation” and was “seeing the benefits of listening to our customers”.
No mention on the number of job losses expected, but Mr Lewis said the company would “start at the top and work down”, yeah right!