Tesco ‘set to axe hundreds of jobs this week’ in latest cost-cutting drive

TESCO is expected to axe hundreds of supermarket jobs in order to cut costs, it has been reported.

The job losses would affect store managers, and it's understood that the supermarket will start consulting with staff as early as this week.

The supermarket wouldn't confirm or deny , when contacted by The Sun.

A spokesperson only said: "We’re always looking at ways to run our business more simply and efficiently.

"Whenever we make changes in our business, colleagues are always the first to know."

The reports come after Tesco reported its best Christmas results in a decade with a 2.2 per cent rise in UK like-for-like sales.

If it pushes ahead with the job cuts, it would join rivals Asda, Morrisons and Sainsbury's in cutting costs by overhauling the structure of its stores and the number of staff.

A year ago, Tesco announced plans to "simplify" the structure of its store teams, putting 1,700 jobs at risk in the process.

Sainsbury's and Morrisons did the same around the same time, while Asda started consulting with staff over 2,500 potential jobs cuts in October last year.

Tesco is aiming to make £1.5billion in cost savings by 2020 - and its chief executive, Dave Lewis, has already cut more than 10,000 jobs since he took over the supermarket giant in 2014.

As recently as last week, Marks & Spencer also announced 17 store closures putting over 1,000 jobs at risk.

Yet even more high street job cuts are on the horizon for 2019 as brutal conditions saw 150,000 lost last year.

The £15billion merger between Sainsbury's and Asda has also triggered fears of a rise in shop prices, store closures and job losses.

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