Stock Groups

Tesco says 1,600 jobs at risk from store changes -Breaking

by Mike Robinson

[ad_1]

© Reuters. FILEPHOTO: The Tesco logo was seen at the Old Hoover Building in West London on January 15, 2008. REUTERS/Toby Melville – BRITAIN

LONDON, (Reuters) –Tesco, Britain’s largest retailer, stated Tuesday that 1,600 jobs were in danger of being eliminated due to changes made at its stores. This included the elimination of night shifts for stock replenishment.

According to the group, it would shift its overnight stock replenishment into daytime at 36 convenience stores and 49 large stores.

It will convert 36 of its stations into pay-at pump during the night in 36 locations.

Tesco (OTC) stated that the 1,600 positions at risk includes the 130 related the the closing of Jack’s shops announced Monday.

Jason Tarry, Tesco UK and Ireland CEO said that they are constantly looking for ways to streamline their business so that customers can invest in what is most important.

According to the group, there are currently around 3,000 vacant positions and it will help those who have been affected find other roles.

Tesco increased its profit outlook last month for the second straight month after its Christmas trading was better than anticipated.

Tesco shares were at 1004 GMT up 1%, which translates into year-on-year growth of 23.5%.

According to industry data, Tesco continues outperform major competitors on Tuesday.

Disclaimer: Fusion MediaThis website does not provide accurate and current data. CFDs are stocks, indexes or futures. The prices of Forex and CFDs are not supplied by market makers. As such, they may be incorrect and different from market prices. This means that prices cannot be used to trade. Fusion Media is not responsible for trading losses that may be incurred as a consequence of the use of this data.

Fusion MediaFusion Media and anyone associated with it will not assume any responsibility for losses or damages arising from the use of this website’s data including quotes, charts, or buy/sell signal information. You should be aware of all the potential risks and expenses associated with trading in the financial market. It is among the most dangerous investment types.

[ad_2]