Around 2,000 Tesco workers have been told their jobs are at risk after the supermarket giant announced the location of 43 store closures.
Seven superstores and six Homeplus outlets are among the unprofitable shops identified for closure by new chief executive Dave Lewis.
Mr Lewis said: "The decision to close the stores has been exceptionally difficult to take. I recognise it will affect many hard-working colleagues, our customers and local communities.
"Our priority is to explain what this announcement means for our colleagues and, wherever possible, offer them alternative roles with Tesco."
The accounting watchdog has launched an investigation into a £263 million overstatement of profit expectations at Tesco.
The Financial Reporting Council (FRC) said its investigation will focus on "the preparation, approval and audit" of financial figures reported and prepared by Britain's biggest supermarket and its auditor, PwC.
The scandal is already being investigated by the Serious Fraud Office and has seen a number of Tesco executives suspended - some of whom have now left.
Chairman Sir Richard Broadbent has also announced he is to step down.
Latest tests on fresh chicken being sold at major supermarkets show contamination of campylobacter has increased.Read the full story ›
Accounting watchdog the Financial Reporting Council has said it is "giving careful consideration" to whether it should take regulatory action against Tesco after the company overstated its profits for the first half of this year.
In a statement the Council said: "The FRC is giving careful consideration to Tesco’s announcement of 23 October 2014 and will continue to gather information to determine whether it should take regulatory action."
Tesco has confirmed that the Serious Fraud Office has launched an investigation into its accounting practices.
In a statement, the group said: "Tesco confirms that it has been notified by the Serious Fraud Office that it has commenced an investigation into accounting practices at the company. Tesco has been co-operating fully with the SFO and will continue to do so.
"Tesco has been notified by the Financial Conduct Authority that, in light of the SFO investigation, its investigation will be discontinued."
The Serious Fraud Office is set to open an investigation into how Tesco misstated its profits by £263m, ITV News understands.
The company overstated its profits for the first half of this year, with new CEO Dave Lewis saying the mis-statement was due to booking income in the wrong accounting period.
Five of the company's executives have been suspended over the issue and city regulators are already investigating what went on.
The new chief executive of Tesco has said shoppers can expect "positive surprises" as he gets the supermarket back "to what made this business great".
Dave Lewis told ITV News Economic Editor Richard Edgar that the accounting scandal that has enguled Tesco was "not at all what I envisaged when I took the job".
But he stressed that the company's 320,000 staff had continued to do a "stunning job" throughout the recent difficulties.
Spending in British supermarkets has been "essentially flat" since May of last year, according to the Office of National Statistics (ONS).
According to the ONS 'non-specialised food stores' such as Tesco and Sainsbury's account for the vast majority of food spending.
Food spending accounts for 40% of all retail sales in the UK, the ONS added.
This marks a contrast from the years leading up to 2013, where growth in spending has been strong, with a particularly rapid surge between 2006 and 2009.
Some of that previous growth may have been accounted for by food price inflation, as customers's spending has risen despite the quantity of goods they buy remaining more or less the same.
Tesco has said no bonuses were paid to its executives during the period that a huge accounting error took place.
No bonuses were paid during the three years under this review - hence 'no personal gain,' from the accounting mis-statements - Tesco
The company overstated its profits for the first half of this year by £263m, with Tesco CEO Dave Lewis saying the mis-statement was due to booking income in the wrong accounting period.
ITV News Economics Editor Richard Edgar is following developments.
Tesco boss confirms the £263m accounting error was down to booking income and costs in the wrong periods. But he won't say any more.