Tesco closes Homeplus stores | RetailDetail

Tesco closes Homeplus stores

Tesco closes Homeplus stores

British Tesco has shut down the final 6 Homeplus stores, its non-food chain, after it had shut down 43 in January. All in all, some 2,500 people will lose their job in this restructuring operation.

Onerous trip in non-food 

Homeplus' closure is part of a Tesco restructuring, designed to help the supermarket chain keep head above water. The very first Homeplus opened in 2005 and was quickly followed by another 11 all across the United Kingdom.

 

Right from the off, the stores struggled to become profitable and that is why they have now been closed. The first 43 did not make a profit, not even when the rental cost was deducted. Tesco will try to give a number of the employees a job in other parts of the company. 

 

Only last month, Tesco had to announce a 6.4 billion pound (8.9 billion euro) loss for its previous fiscal year, one of the largest losses a company ever had to announce in Great Britain.

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