The largest retailer in Britain and supermarket chain Tesco revealed plans to eliminate approximately 2,100 jobs on Tuesday due to cost-hiking sky-high inflation.
Tesco intends to eliminate 1,750 executive positions. Along with closing certain pharmacies, eliminating all remaining hot food outlets, and other restructuring, it will also eliminate about 350 jobs.
In order to manage its business as effectively as possible, the firm promised to “do more of what works and halt or simplify where we need to.”
1,800 new “leader roles” will be created, which will offset the losses.
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In spite of customers switching to less priced rivals as prices rise due to a cost-of-living issue, Tesco recently reported strong sales during the crucial Christmas season.
Tesco has benefitted from passing on some of its own rising costs to consumers, many of whom appear willing to stay loyal to the group even as UK inflation sits around the highest level in decades.
At the same time, Tesco is keen to match the prices of some similar goods offered by supermarkets run by German discounters Aldi and Lidl to retain business from cash-strapped shoppers.
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