British supermarket chain Tesco will cut 9,000 jobs, but it will not only be employees who will be shown the door. The chain will also cut a layer of management at its larger stores, in an attempt to return to positive results.
No new stores
The company announced last month it would close 43 stores (which meant 2,000 - 3,000 people lost their job) and shut down its Cheshunt headquarters. It will also restructure its Welwyn Garden City offices, which will mean another 3,000 people will be laid off.
Tesco will also downsize the team of leaders in large stores, which mean another 3,000 people have to fear losing their job. Its plans to open another 49 stores have also been scrapped for the moment.
Tesco's new CEO, Dave Lewis, hopes this will lower the company's costs by 250 million pounds (340 million euro) and that should reignite investor confidence after disappointing sales and an accounting scandal. The large British supermarket chains have all been suffering recently, partially because of the rise of the discounters Aldi and Lidl.