Tesco names 43 stores to close

The supermarket made the announcement this lunchtime after informing the 2,000 affected staff this morning.

The UK’s biggest supermarket chain will also significantly revise its store building programme and move out of its head office in Cheshunt in 2016 as part of a major cost-cutting exercise.

Earlier this month it reported a 2.9% drop in like-for-like UK sales for the 19 weeks to 3 January. 

The store closures represent betwee 0.5 and 1m sq ft of space, equivalent to about 2% of Tesco’s total UK space.

As part of the revision to the store building plans, Tesco has abandoned 49 projects equivalent to 2m sq ft of space.

Tesco will also look to make savings of £250m a year from restructuring of central overheads, simplification of store management structures and increased working hour flexibility.

The full list of stores: