- 12 updates
This isn't something I'm used to. For years we've reported Tesco expansion. Now it's store closures. Nearly 100 in total either shutting or shelved.
But this story is bigger than that. Today Marks & Spencer also reported poor sales of general merchandise and clothing (though food went very well).
Yesterday Sainsbury's was revealing its own Christmas trading droop.
These big bastions of British retail are taking a bashing. And it comes at a time when they really need to be match-fit for their fight against the newer kids on the shopping block - the likes of Aldi and Lidl.
What next? Shareholders won't like it and profit margins will be under stress but 2015 will bring out the big guns in a supermarket price war that for some retailers could be a battle for survival.
Amid a fall in sales and the announcement of plans to close 43 stores, the new CEO of crisis-hit Tesco remained upbeat on the supermarket's trading performance over the festive performance as sales declines eased.
Like-for-like sales over Christmas fell just 0.3%, compared with a fall of 4.2 in the preceding third quarter.
Dave Lewis paid tribute to the "exceptional job" done by staff and added: "It felt like at Christmas we really brought 'every little helps' to life again."
The 43 Tesco stores facing closure have not yet been made public but a "significant proportion" will be Tesco Express convenience stores at sites across the country.
New chief executive Dave Lewis has not yet indicated the scale of the job losses at the beleaguered supermarket, with full details set to be known by April.
Employees affected by the closures will be informed over "coming months".
Head office jobs will also see cuts as Tesco cuts overheads by 30%.
Mr Lewis said he understood how the announcement would hit "hard-working people", adding: "I am not immune to the impact of the decisions we have had to take on our colleagues."
Tesco's new chief executive Dave Lewis acknowledged that the supermarket has "some very difficult changes to make" as it unveiled new measures in a bid to reduce its capital expenditure and cut costs by £250 million a year.
The 43 unprofitable Tesco stores facing closure are "mostly" Express outlets, the retailer told ITV News.
The supermarket said it would be consulting with store employees affected by the closures "over the coming weeks".
Beleaguered supermarket Tesco has unveiled a raft of measures it hopes will turn around its fortunes.
With the company's pension deficit and debt levels growing, Tesco said it would reduce its capital expenditure for next year to £1 billion, from no more than £2.1 billion this year and cut costs by £250 million a year.
Tesco's money-saving plans include:
- Closing 43 unprofitable stores
- Closing it final salary pension scheme
- Shutting its main headquarters in Cheshunt, Hertfordshire, in 2016, moving to Welwyn Garden City
- Restructuring central overheads to save an estimated £250 million a year
- A "significant revision" to its store-building programme - with plans for 49 new stores scrapped
- Selling off Tesco Broadband and UK download business Blinkbox to TalkTalk
- Exploring options to sell its Dunnhumby data business, as well as cancelling a final-year dividend for 2014/15
Unveiling a raft of measures, Tesco announced the appointment of Halfords Chief Executive Matt Davies as the new boss of its UK and Ireland business.
The supermarket's new CEO Dave Lewis described him as "an experienced retailer with a proven track record of turning around businesses".
He will take up the position on June 1.
Tesco is to shut 43 unprofitable stores and close its head office in Cheshunt, Hertfordshire, in 2016, making its base Welwyn Garden City.
The crisis-hit retailer plans to sell assets and cut hundreds of millions of pounds of costs to fund lower prices as it attempts to recover from the biggest crisis in its 95-year-history.
The supermarket is consulting on plans to close its final salary pension scheme.
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