Tesco clears £2.1m payoff for former executives Philip Clarke and Laurie McIlwee February 3, 2015 Tesco will hand its former chief executive and chief financial officer £2.1m between them, after the payments were approved following the accounting scandal which came to light last year. Philip Clarke and fellow exec Laurie McIlwee will receive £1.2m and £970,880 respectively, after the supermarket found there were no legal grounds to continue withholding the payments. "The [...]
Retail veteran John Allan in the running for Tesco chairman role February 1, 2015 DIXONS Carphone deputy chairman John Allan is tipped to be named as the next chairman of Tesco as the supermarket attempts to revive its fortunes and draw a line under last year’s accounting scandal. Tesco is understood to have drawn up a shortlist of potential candidates to replace Sir Richard Broadbent, who announced in November [...]
Analysis: Why has Tesco chosen to shut these 43 stores? January 29, 2015 Tesco has now announced the 43 stores that it plans to close. 18 Express stores, 12 metro stores, seven superstores and six Home Plus stores. The closures will start taking effect from March. What does it tell us about their location strategy when one looks at the stores set to close? It is a [...]
Tesco store closures: 74pc of axed branches have an Aldi or Lidl nearby January 29, 2015 Discount supermarkets could be partly responsible for Tesco's plans to close 43 unprofitable stores in the UK – with the vast majority of struggling stores located near a low-price alternative. In a bid to change the fortunes of the struggling supermarket, Tesco's new chief executive Dave Lewis announced the store closures yesterday, saying the decision was [...]
Drastic Dave reveals 43 Tesco store closures January 28, 2015 TESCO chief executive Dave Lewis yesterday lived up to his nickname “drastic Dave” as the company named the 43 stores it would be closing in a bid to revive its flagging fortunes. The retailer said it would shut 30 convenience stores – including 18 Express outlets and 12 inner-city Metro shops – along with seven [...]
Tesco reveals locations of 43 stores being shut January 28, 2015 Tesco has revealed the locations of the 43 stores it plans to shut, resulting in around 2,000 job losses, as new chief executive Dave Lewis attempts to turn the struggling supermarket around. Of the stores going, 18 are Expresses and 12 are Metros. Just seven are superstores, with a further six the homeplus format. The [...]
Tesco share price dips as Blinkbox Books closes ending supermarket’s digital entertainment services January 26, 2015 Tesco is closing the last of its digital entertainment services, Blinkbox Books, after failing to find a buyer for the ebook platform. The news sent shares in the supermarket down just over three per cent in afternoon trading. The struggling supermarket said it would close the service by the end of February to focus on [...]
Tesco bolsters its corporate finance team January 26, 2015 Embattled Tesco is bolstering its corporate finance team, implying the retailer will take more moves to increase its cash position in the future. The supermarket is reported to have headhunters searching for someone to lead a small corporate finance department, which would look at investment opportunities, portfolio reviews and mergers and acquisitions. The new role [...]
Tesco sells off Blinkbox Music to Guvera January 26, 2015 Tesco has offloaded its music streaming service Blinkbox Music to Australian firm Guvera for an undisclosed sum, but thought to be significantly less than the £10m the supermarket paid to acquire the service. Tesco bought digital service WE7 in 2012, rolling it into its digital entertainment arm, Blinkbox, and rebranding it under the new Blinkbox [...]
Tesco launches supplier network as supermarket rebuilds trading relationships January 22, 2015 Tesco has launched an online network for its 5,000 suppliers, as the supermarket attempts to heal the rift with its trading partners. The supermarket giant has come under fire in recent months for the way it deals with its suppliers as the fall-out from its £263m profit blackhole continues to land. The revelation [...]