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.
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.