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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 hires Halfords CEO as new UK and Ireland boss

Tesco will close its headquarters in Cheshunt, Hertfordshire, in 2016 Credit: PA

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.

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