Tesco to axe 400 jobs in efforts to simplify business

Supermarket giant Tesco has revealed plans to cut around 400 jobs as it looks to “simplify” its business model.

Speaking to multiple media outlets, the retailer said that it was exploring “more efficient ways of working” to keep up with increased competition within the UK grocery sector.

Those to be impacted are among the company’s bakeries, mobile phone shops and head office in Hertfordshire.

In a statement to the press, Tesco CEO, Matthew Barnes, said: "These are difficult decisions affecting our colleagues, but we believe they are necessary to enable us to invest in what matters most to our customers.

"Our priority is to support impacted colleagues and we will do everything we can to help them find alternative roles within our business. Today, we have almost 1,000 vacancies available."

The news comes days after Tesco rival Sainsbury’s announced its own round of job cuts, with 3,000 roles expected to be cut among central management and other departments.

Akin to Tesco, Sainsbury’s is also looking to simplify its structure, vying for one billion pounds in operating cost savings.