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| Name | Symbol | Market | Type |
|---|---|---|---|
| Tesco PLC (PK) | USOTC:TSCDY | OTCMarkets | Depository Receipt |
| Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.08 | 0.64% | 12.54 | 12.52 | 12.55 | 12.54 | 12.50 | 12.50 | 16,101 | 14:48:07 |
From Jul 2019 to Jul 2024
By Maryam Cockar
Tesco PLC (TSCO.LN) said Tuesday that it will close its loss-making non-food website, Tesco Direct, putting about 500 jobs at risk.
The FTSE 100-listed grocer said Tesco Direct has faced a number of significant challenges, including high costs for shipping orders and online marketing, which have "prevented it from delivering a sustainable offer as a standalone non-food business".
Tesco Direct will cease trading on July 9 and a fulfilment center near Milton Keynes, England, will close, the company said.
As part of the closure about 500 employees will be at risk of redundancy across the business and the company said it will support staff and external partners that will be affected by the change.
Tesco said customers will still be able to buy goods at its website, Tesco.com, and that the closure of Tesco Direct doesn't affect its grocery home-shopping service.
At 1439 GMT, Tesco shares were down 1.30 pence, or 0.5%, at 249.10 pence.
Write to Maryam Cockar at maryam.cockar@dowjones.com
(END) Dow Jones Newswires
May 22, 2018 11:05 ET (15:05 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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