28th Jan 2019 14:52
LONDON (Alliance News) - Tesco PLC on Monday announced several changes to its business structure with the aim of simplifying its organisation, putting 9,000 jobs on the line.
The company said that since it launched its turnaround structure four years ago, it has "built a stronger business focused on serving our customers". However, due to the competitiveness of the grocery retail market, the UK's biggest supermarket decided to implement further changes to its structure.
Chief Executive Officer of UK & Ireland Jason Tarry said: "In our four years of turnaround we've made good progress, but the market is challenging and we need to continually adapt to remain competitive and respond to how customers want to shop.
"We're making changes to our UK stores and head office to simplify what we do and how we do it, so we're better able to meet the needs of our customers. This will impact some of our colleagues and our commitment is to minimise this as much as possible and support our colleagues throughout."
Overall, the supermarket estimates that up to 9,000 jobs could be impacted by the restructuring. However, half of those will be redeployed to other roles.
Some of the changes Tesco will implement include reducing the number of counters available in shops and improving both stock control and merchandising simplification.
Head office roles will also be changed to allow the firm to "focus on supporting our customers".
Tesco shares were trading down 2.7% at 218.95 pence each.
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