Tesco: the comeback starts here... possibly
Tesco have been in our Deathwatch for months now and, of course, we were being glib because the supermarket has far too much money to go under. It was only a matter of time before they shook things up and announced their comeback plans.
And that time has come, with the beleaguered retailer announcing that they're going to axe 43 unprofitable stores across the UK (most of which will be convenience shops) as well as plans to close (or axe the projects of) 49 of their enormo-shops that have fallen out of favour in recent years.
On top of that, the company is also closing their staff pension scheme (which won't go down well with the staff) and will make further cuts of £250m and reduce their overheads by 30%. Tesco will also sell Tesco Broadband and Blinkbox to TalkTalk (the latter, we told you about over Christmas).
Tesco gaffer, Dave Lewis, said that the company are "facing the reality of the situation," and was "seeing the benefits of listening to our customers".
The supermarket will also be getting some new blood in to give things a kick up the ring. Tesco announced that they'll be getting Matt Davies, who is the boss of Halfords Group. He'll be running Tesco's operations in the UK and Republic of Ireland from June.
The staff that work in the stores won't be finding out if they've got a job or not until April, which is a kick in the gusset for the people that senior management hope will be the ones to help tackle the situation Tesco find themselves in.
Either way, everything is being given a jolt at Tesco and new cultures and ideas are being thrown around. If they remember that customers just want half-decent service and some fairly priced products, they could sort this whole mess out.