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Tesco closing 43 loss-making stores

An AFP picture dated October 2, 2013 shows a Tesco supermarket in south London. Britain.

Supermarket giant Tesco has announced that it is closing 43 stores across the UK as part of plans to cut costs.

Tesco has already informed the staff at the loss-making stores including the Express and Home Plus stores as well as Tesco Metros and Superstores.

Job cuts

The move which comes following two successive falling sales and profits, will see 2,000 staff lose their jobs. It is part of a £250 million cost cuts planned to mend Tesco's finances.

Retail union Usdaw has already described the store closures as "devastating news" for the 2,000 staff involved.

 Falling sales

The so-called "big four" supermarkets, including Tesco as well as Sainsbury's, Morrisons and Asda, have scrapped expansion plans, with some even closing stores amid concerns over falling sales.

Back in November, Sainsbury's announced that it was shelving plans for new stores. Morrissons has unveiled plans to close 10 unprofitable stores in 2015.

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