UK Tesco announces revival plans, cuts costs
(MENAFN) British supermarket giant Tesco launched cost-cutting plans to shut stores, sell assets and axe its dividend, in a bid to revive its fortunes and recover from an accounting scandal, AFP reported.
The nation's biggest retailer announced the news in a gloomy statement which revealed sliding sales in the key Christmas trading period, as it continues to face fierce competition in its home market.
Tesco, which did not outline potential job losses, will overhaul central overheads to deliver USD377 million of savings per year, at a one-off cost of USD453.64 million.
"We have some very difficult changes to make. Our recent performance gives us confidence that when we pull together and put the customer first we can deliver the right results," said Tesco chief executive.
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