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
Here is a look at retail giant Tesco's most significant setbacks over the past four years.
Tesco's CEO is promising shoppers bigger discounts and better service but there isn't much room to make aggressive cuts without self-harm.
The under-pressure supermarket is trying to regain market share by cutting prices on big brands such as Coca-Cola, Hovis and Marmite.