Crimson Dynamo
28-01-2019, 08:06 AM
https://www.telegraph.co.uk/content/dam/business/2018/04/10/TELEMMGLPICT000159803581_trans_NvBQzQNjv4BqqD7eNBN q8sAlPLifcxZQVAnzFc_KVXOfVztKbGEQhVg.jpeg?imwidth= 600
Tesco is planning to make as many as 15,000 jobs redundant in the latest round of cost cuts by chief executive Dave Lewis.
Deli counters including butchers, fishmongers and cheese stands in many of its largest stores face closure, as do parts of staff canteens,
according to reports in The Mail on Sunday.
Mr Lewis wants to cut costs by £1.5bn by 2020 to make the company more profitable.
Tesco spent £4bn buying Booker, the wholesaler, last year, in an attempt to take more control of its supply chain.
It also launched Jack’s, a discount chain, to fend off competition
from low-cost rivals such as Lidl and Aldi.
Mr Lewis joined Tesco in 2014 from Unilever, where he earned the
nickname ‘Drastic Dave’ for radical action including cost cutting.
Reducing headcount at Tesco by 15,000 would amount to 3.4pc of the grocer’s total workforce of
440,000 staff, a figure already down on the 476,000 of three years ago, indicating the scale of pressure on
the company in the face of relentless competition.
https://www.telegraph.co.uk/content/dam/business/2018/01/05/TELEMMGLPICT000149432082_trans_NvBQzQNjv4BqpVlberW d9EgFPZtcLiMQfyf2A9a6I9YchsjMeADBa08.jpeg?imwidth= 400
The proposed cuts would take the net fall in employee
numbers to more than 50,000 in the past three years.
Tesco has a market share of 27.8pc, according to Kantar,
well above second-placed Sainsbury’s, which has 16.2pc,
but still firmly below its peak of almost one-third of all
grocery spending more than a decade ago.
Reports of the jobs plan come just days after details of a
deferred prosecution agreement (DPA) were published by
the Serious Fraud Office.
Tesco agreed to pay a fine of £129m and investigation costs
of £3m to the SFO in relation to the discovery of financial
irregularities in 2014.|
Tesco “dishonestly created a false account of its financial
position by overstating its profits,” the SFO said. “The DPA
clearly outlines the extent of this criminal conduct for which
the company has accepted full responsibility.”
Shares in Tesco are up 18pc so far this year to 225.90p,
still well below last year’s peak
of 266p and less than half
its all-time high of 477p in 2007.
Tesco did not comment on the reported 15,000 job cuts
but i bet its "coz of Brexit said the MD"
https://www.telegraph.co.uk/business/2019/01/27/tesco-cut-15000-jobs-axe-deli-counters/
Tesco is planning to make as many as 15,000 jobs redundant in the latest round of cost cuts by chief executive Dave Lewis.
Deli counters including butchers, fishmongers and cheese stands in many of its largest stores face closure, as do parts of staff canteens,
according to reports in The Mail on Sunday.
Mr Lewis wants to cut costs by £1.5bn by 2020 to make the company more profitable.
Tesco spent £4bn buying Booker, the wholesaler, last year, in an attempt to take more control of its supply chain.
It also launched Jack’s, a discount chain, to fend off competition
from low-cost rivals such as Lidl and Aldi.
Mr Lewis joined Tesco in 2014 from Unilever, where he earned the
nickname ‘Drastic Dave’ for radical action including cost cutting.
Reducing headcount at Tesco by 15,000 would amount to 3.4pc of the grocer’s total workforce of
440,000 staff, a figure already down on the 476,000 of three years ago, indicating the scale of pressure on
the company in the face of relentless competition.
https://www.telegraph.co.uk/content/dam/business/2018/01/05/TELEMMGLPICT000149432082_trans_NvBQzQNjv4BqpVlberW d9EgFPZtcLiMQfyf2A9a6I9YchsjMeADBa08.jpeg?imwidth= 400
The proposed cuts would take the net fall in employee
numbers to more than 50,000 in the past three years.
Tesco has a market share of 27.8pc, according to Kantar,
well above second-placed Sainsbury’s, which has 16.2pc,
but still firmly below its peak of almost one-third of all
grocery spending more than a decade ago.
Reports of the jobs plan come just days after details of a
deferred prosecution agreement (DPA) were published by
the Serious Fraud Office.
Tesco agreed to pay a fine of £129m and investigation costs
of £3m to the SFO in relation to the discovery of financial
irregularities in 2014.|
Tesco “dishonestly created a false account of its financial
position by overstating its profits,” the SFO said. “The DPA
clearly outlines the extent of this criminal conduct for which
the company has accepted full responsibility.”
Shares in Tesco are up 18pc so far this year to 225.90p,
still well below last year’s peak
of 266p and less than half
its all-time high of 477p in 2007.
Tesco did not comment on the reported 15,000 job cuts
but i bet its "coz of Brexit said the MD"
https://www.telegraph.co.uk/business/2019/01/27/tesco-cut-15000-jobs-axe-deli-counters/