Tesco brings end to Homeplus with closure of six remaining stores

Tesco: closes its remaining six Homeplus stores
Tesco: closes its remaining six Homeplus stores

Tesco is to close its remaining Homeplus stores, leading to the loss of up to 450 jobs, as it continues to cut its struggling business down to the core.

The news comes in the wake of Tesco’s worst-ever financial results. Last month the retailer reported a £6.4bn annual pre-tax loss. The Homeplus closures are part of Tesco's announced plan for 43 store closures.

The Homeplus shops in Bristol, Bracknell, Nottingham, Denton, Bromborough and Preston will close for business on 27 June.

The closure of the Homeplus chain, which sells non-food items such as electrical goods and furniture, is one of Tesco chief executive Dave Lewis’s cost-cutting measures, which are largely focused of stripping the company back to its grocery retail business and offloading more peripheral elements of the company.

In a statement, Tesco said: "We’ve taken the difficult decision to close our remaining six Homeplus stores. Our priority is now to explain what this announcement means for our colleagues and, wherever possible, offer them alternative roles with Tesco."

Homeplus was one of the legacies of former chief executive Sir Terry Leahy, who was succeeded by Philip Clarke, and then Lewis.

Tesco is currently being investigated by the Serious Fraud Office after it overstated a profit forecast by £263m.

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