Tesco has confirmed it is to close 43 unprofitable UK stores and halt construction on almost 50 others as part of a plan to revive its fortunes.
In the wake of the accounting scandal which saw group chief executive Dave Lewis take charge of the UK business, Tesco said it had enjoyed a good Christmas with like-for-like sales falling just 0.3% in the six weeks over Christmas - better than analysts predicted.
Like-for-like sales in its third quarter were down 2.9%.
But Tesco's sales woes - a result of a lack of focus on its core store offering in the past and the strong challenge from discounters - are only part of the problem for Mr Lewis.
He used the trading update to confirm a number of changes in order to ensure no repeat of the £263m profit over-statement - including new guidelines for supplier negotiations - and streamline the business.
Its head office in Cheshunt is to close in 2016 while it confirmed the sale of Tesco Broadband and Blinkbox video steaming service to TalkTalk.
Changes to store management and working-hour flexibility structures would deliver savings of £230m annually but result in a one-off cost of £300m.
It plans to close the company defined benefit pension scheme to staff but it said colleagues would soon be offered turnaround-based bonuses.
Tesco also confirmed it had poached Halfords boss Matt Davies to run the UK business but he would not be able to start work until 1 June.
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