Tesco tells a third of senior directors they face redundancy or demotion as Dave Lewis’ restructure begins to bite January 16, 2015 Tesco has started warning senior directors that they face redundancy or demotion, as part of a restructure designed to get the supermarket back on track. Around a third of these key decision-makers have been told by Tesco top brass that they face redundancy or “changed responsibilities at a lower work level”, according to [...]
Tesco poaches Waitrose ad agency Bartle Bogle Hegarty to aid turnaround January 15, 2015 Advertising agency Bartle Bogle Hegarty (BBH) has quit working with Waitrose and moved across to help Tesco rebuild consumer trust in its brand. The supermarket’s chief executive Dave Lewis also confirmed the appointment of consultancy firm Blue Rubicon. “We are assembling a small team of world class advisers to work on the turnaround of our [...]
Tesco share price up as Bill Ackman reveals interest January 14, 2015 Troubled supermarket Tesco bucked the general FTSE downward trend yesterday, with its shares up by 0.94 per cent at the close. The group may have benefited from Bill Ackman’s interest in its shares. The Pershing Square founder and chief executive told Bloomberg TV yesterday that he had looked at investing in Tesco, although ultimately decided [...]
Standard & Poor’s cuts Tesco to junk January 14, 2015 Standard & Poor's (S&P) today downgraded Tesco to junk status, suggesting the ratings agency is unconvinced by the turnaround strategy unveiled by new chief executive Dave Lewis last week. The grocer's senior long-term credit rating was lowered to BB+ from BBB-. It is unlikely to go any lower than this however, with S&P saying the [...]
Tesco’s share price nears pre-overstatement level for the first time in four months January 14, 2015 Tesco's share price is nearing the level it was before the supermarket admitting to overstating its profits in September, thanks to a sustained rally in the last month. Shares in the UK's largest retailer have risen more than 30 per cent since mid-December and at pixel time this morning the business was up 2.1 [...]
Is Waterstones about to buy Tesco’s Blinkbox Books? January 13, 2015 Another portion of Tesco’s failed venture Blinkbox could be about to be carved off and sold on. Waterstones looks set to buy Blinkbox books, after Tesco sold Blinkbox Movies to TalkTalk and Blinkbox Music to Guvera. Tesco made the decision to sell Blinkbox as part of a turnaround plan aimed, unsurprisingly, at reversing the poor [...]
Tesco to scale back presence in Hungary January 12, 2015 TESCO said yesterday it is to shut 13 stores in Hungary “to secure the profitability” of its local business as the beleaguered retailer continues on its cost-cutting drive. The supermarket giant has over 200 stores in Hungary, where it has operated since 1995 and has grown to be its third-largest employer serving 3m customers. But [...]
Tesco to shut stores in Hungary in cost-cutting drive January 12, 2015 Tesco is to close 13 stores in Hungary in a bid to secure the long-term profitability of its local operations. The beleaguered supermarket is in recovery mode after a devastating year marked by profit warnings, high-profile departures and a plummeting share price which fell to its lowest point for a decade. Tesco still [...]
Tesco share price rallies as chief Dave Lewis wins over City funds, but Moody’s issues junk rating January 8, 2015 Tesco boss Dave Lewis won the cautious backing of stock-pickers yesterday as he unveiled radical plans to cut hundreds of millions of pounds worth of costs in a bid to revive the fortunes of the troubled supermarket. Shares rallied 15 per cent, marking their biggest one-day gain in six years. Yet lenders to the retail [...]
Tesco store closures: Councils digest shock as Chesnut HQ staff move to Welwyn Garden City and outlets shut January 8, 2015 While investors rejoiced, councils and local planning authorities were left reeling yesterday after Tesco announced it would close its Cheshunt HQ, some existing stores and shelve new planing projects amid a raft of changes aimed at cutting costs. Britain’s biggest supermarket said staff at its north London base would move to its offices in Welwyn [...]