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Tesco Announces Drastic Moves To Improve Operations And Revenue Performance

January 8, 2015: 12:00 AM EST
UK's troubled retailer Tesco said it plans to close its corporate headquarters in Cheshunt and 43 unprofitable stores, as part of its turnaround efforts. Tesco's new chief executive Dave Lewis also said he plans to shut down his company's defined benefit pension scheme, spin off the analytics business unit running the Clubcard operations, and end the dividend payout to shareholders. Also, Tesco hired Halfords chief executive Matt Davies as its new UK chief executive.
Graham Ruddick, "Tesco to close headquarters and 43 stores as 'Drastic Dave' makes mark", Telegraph, January 08, 2015, © Telegraph Media Group Limited
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