Nearly 500 jobs are under threat at Bracknell-based Waitrose as it embarks on a management restructure and a shake-up of its branch network.
The supermarket chain said 498 staff would face redundancy consultation amid plans to shut five under-performing stores.
However, the firm said plans were under way to open eight new shops and create 600 jobs this year.
The stores earmarked for closure are at the Bircherley Green Shopping Centre in Hertford, Two Rivers Shopping Centre in Staines, Portland Street in Leek, St Benedict's Court in Huntingdon, and Queen Street in Cardiff.
However, Waitrose said it will launch new stores in Haywards Heath, Banbury, Bromsgrove, Finchley, Addlestone and Winchmore Hill alongside outlets at Leatherhead and Faringdon in Oxfordshire, which have already opened.
Waitrose notched up 3.4% sales growth year on year in the 12 weeks to January 29, according to data from Kantar Worldpanel published on Tuesday.