Tesco says it’s not going to buy a new Tesco store after a report of layoffs

Jul 13, 2021 Forum

Tesco said in a statement on Friday that it will “not be making any further investments in our business” following a report that the retailer is considering layoffs.

“This is not the type of investment that Tesco makes,” a spokesperson told Business Insider.

Read more: Tesco sells off all its US stores as it prepares to shutter more than 1,000 storesThe news comes just weeks after the retailer said that it would be closing 1,200 stores across the US and Mexico in a bid to cut costs.”

In the meantime, we will continue to invest in our existing store network, which has been built around our strong and proven business.”

Read more: Tesco sells off all its US stores as it prepares to shutter more than 1,000 storesThe news comes just weeks after the retailer said that it would be closing 1,200 stores across the US and Mexico in a bid to cut costs.

A spokesperson for the company told Business Week that the company was “working through our plans” to “reduce costs”.

The statement came after a statement by Tesco’s chief executive, Andy Palmer, who said that “we are looking at the future” and “the opportunities for growth” for the US.

“We are taking a few strategic steps to improve our performance and our results,” Palmer said.

“While these changes will require us to significantly cut costs over the coming years, we remain committed to doing so.”

Read More: Tescos CEO says the company is ‘looking at the opportunities for future growth’

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