Tesco Plc

-1.20 (-0.45%)
Share Name Share Symbol Market Type Share ISIN Share Description
Tesco Plc LSE:TSCO London Ordinary Share GB00BLGZ9862 ORD 6 1/3P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -1.20 -0.45% 263.80 264.50 264.60 265.60 260.80 265.10 15,537,280 16:35:16
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Food Stores - 744.0 10.2 26.5 19,303.41

Tesco to Cut 2,100 Jobs in Major Structure Shift

31/01/2023 1:36pm

Dow Jones News

Tesco (LSE:TSCO)
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By Michael Susin


Tesco PLC said Tuesday that it will lay off around 2,100 jobs, including 1,750 lead managers across its large stores following a major new management structure roll out.

The U.K. grocer said it will cut the lead and team managers to introduce 1,800 new shift leader roles across its larger superstores and extra stores. These leaders will be responsible to day-to-day operational duties on the shop floor.

"We are supporting colleagues impacted by these changes, who will have the option of moving into shift leader vacancies with financial support or taking redundancy," it said.

The company added that it will close its remaining counters and hot delis from Feb. 26 due to the significant decrease in demand for its counters over the last few years.

Amid other changes, Tesco will close eight pharmacies, reduce hours within some post offices, remove a small number of roles in different functions of head office and close the Tesco Maintenance National Operating Centre (NOC) in Milton Keynes.

"Taking into account all the localized changes, we expect this to impact around 350 roles across the business," it added.

Shares at 1259 GMT were down 1.3 pence, or 0.5%, at 246.3 pence.


Write to Michael Susin at michael.susin@wsj.com


(END) Dow Jones Newswires

January 31, 2023 08:21 ET (13:21 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.

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