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Tesco to shut 43 unprofitable stores and HQ

Under-pressure supermarket Tesco is to close 43 unprofitable stores, as well as shut its head office in Cheshunt in 2016.

The retailer's sales fell 2.9% in the 19 weeks to January 3 and by 0.3% over the six-week Christmas period.

Earlier it announced that it was launching a fightback by cutting prices on hundreds of its products.

Shoppers will see lower prices on household favourites from brands such as Hovis, Marmite and Coca-Cola as the company tries to win back market share from discount rivals such as Aldi and Lidl.

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Tesco CEO: We have very difficult changes to make

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.

I am very conscious that the consequences of these changes are significant for all stakeholders in our business but we are facing the reality of the situation.

Our recent performance gives us confidence that when we pull together and put the customer first we can deliver the right results.

– Chief executive Dave Lewis

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