British Tesco cuts 9,000 jobs | RetailDetail

British Tesco cuts 9,000 jobs

British Tesco cuts 9,000 jobs

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.

Questions or comments? Please feel free to contact the editors


Adidas wants to strengthen bond with small retailers

15/07/2018

German sportswear giant Adidas says it wants to strengthen its bond with small-scale retailers after they claimed Adidas is too aggressive in pushing its web shop, especially as they feel the brand is favouring large international chains as well.

Several candidates to take over Men at Work

12/07/2018

There are several takeover candidates for both the Dutch and the Belgian stores of the bankrupt clothing chain Men at work. The curator is confident an agreement should be reached today in Belgium.

Burberry sales increases thanks to new strategy

11/07/2018

The new strategy of the British fashion brand Burberry starts to render: the company had a 3% increase of revenue in their own stores last quarter. In total, Burberry has now a revenue of 479 million pounds (520 million euros).

FNG moves to Brussels stock exchange

06/07/2018

Belgian fashion group FNG has collected 60 million euros by issuing new shares. The new shares will be traded on the Amsterdam Stock Exchange and - for the first time - on the Brussels Stock Exchange as well.

Athleteshop ends its run

02/07/2018

Dutch sports web shop Athleteshop has filed for bankruptcy, after an abysmal year in which strings of complaints led to all sorts of problems. Social media and review sites were flooded with customers complaining about late deliveries.

Alibaba goes Turkish with stake in Trendyol

29/06/2018

Alibaba is the new strategic partner of Trendyol, one of the best-known e-commerce companies in Turkey. With this partnership, the Chinese retailgroup strengthens its presence in Europe.