Tesco to cut 4,500 jobs, reducing opening hours

British supermarket giant Tesco (TSCDF) on Monday announced plans to cut jobs and scale back operations at its smaller convenience stores, citing increased cost pressures.

The British supermarket giant(TSCO.LN)said it will cut around 4,500 jobs. It plans to store fewer products in its back rooms and have workers "working more flexibly across the store to improve customer service." Tesco (TSCDF) said it will reduce opening hours at some smaller stores.

"In a challenging, evolving retail environment, with increasing cost pressures, we have to continue to review the way we run our stores to ensure we reflect the way our customers are shopping and do so in the most efficient way," said Jason Tarry, the head of its U.K. and Irish operations, in a statement.

Shares of Tesco (TSCDF), whose top institutional investors are Schroder Investment Management, Norway's oil fund and Artisan Partners, moved off lows of the day following the announcement but were down 1% on the session.

Tesco (TSCDF) shares have lost 16% over the last 12 months, compared with a 6% decline for the FTSE .

-Steve Goldstein; 415-439-6400; AskNewswires@dowjones.com

  (END) Dow Jones Newswires
  08-05-19 1203ET
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