The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Retail Retail Trade, Except Of Motor Vehicles And Motorcycles Retail Sale In Non-Specialised Stores 47.11 - Retail sale in non-specialised stores with food, beverages or tobacco predominating
2,000 jobs Number of planned job losses
Announcement Date
28 January 2015
Employment effect (start)
15 March 2015
Foreseen end date
4 April 2015
Description
Supermarket chain Tesco, one of the UK's so-called 'big four', has announced that it is to close a number of stores in response to poor sales and falling profits. The store also recently admitted an accounting error, which had seen profits overstated by 263 million GBP. 2,000 jobs are affected by the closures. The decision follows earlier warnings by Tesco that store closures were expected. In total 43 stores will close. The 43 stores which will close comprise 18 Express, 12 Metro, 7 superstores and 6 Homeplus stores. The Express and Homeplus stores are set to close on 15 March and the Metro and Superstores will close on 04 April.
Sources
28 January 2015: BBC Website
Citation
Eurofound (2015), Tesco, Internal restructuring in United Kingdom, factsheet number 78276, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/78276.
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