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.

Questions or comments? Please feel free to contact the editors


Facebook launches its Marketplace in Europe

16/08/2017

In October 2016, Facebook launched a marketplace for used items in several countries, including the United Kingdom and the United States. That marketplace is now also coming to Belgium, the Netherlands and fifteen other European countries.

AS Adventure acquires German McTrek

14/08/2017

Belgian outdoor chain AS Adventure has acquired its German competitor McTrek. The acquisition opens up the largest European outdoor market for the Belgians, thanks to McTrek’s 39 stores and web shop.

American department store chains continue to struggle

11/08/2017

Several American department store chains continue to underperform. Both Macy’s and Kohl’s experienced turnover slumps compared to the previous year, even though they both managed to beat analysts’ expectations.

Amazon wants to compete with Ticketmaster

11/08/2017

Amazon is in talks with American event location owners to see whether it could sell tickets for their events on its web shop.

Record turnover for Henkel

10/08/2017

German Henkel has had a record second quarter, when turnover reached nearly 5.1 billion euro. For the first time ever, its six-month turnover surpassed the 10 billion euro milestone, thanks to its acquisition of laundry detergent company Sun.

Lion Capital once again wants to sell Hema

08/08/2017

Lion Capital has approached business bank Credit Suisse to look into “strategic options” for Hema, which basically means it has to find an interested buyer for the Dutch store chain.

Back to top