LONDON: To recover from an accounting scandal, the British supermarket giant, Tesco, has unveiled cost-cutting revival plans to close the unprofitable stores, sell assets and axe its dividend.
The UK’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 said it will close its head office, slash capital expenditure, shut 43 “unprofitable” shops and significantly revise its store building programme.
