Asda makes more job cuts after Mohsin Issa's botched IT upgrade [Yahoo! Finance]
TESCO PLC S/ADR (TSCDY)
NASDAQ:AMEX Investor Relations:
tescoplc.com/investors
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Source: Yahoo! Finance
More than 200 employees have been sacked without consultation at the troubled supermarket, which is battling to cut costs as part of a radical turnaround plan. The latest departures were triggered as the retailer finally prepares to conclude a long-running process aimed at disentangling its technology systems from former owner Walmart. Hundreds of employees were hired to work on the three-year “Project Future”, which was championed by Issa and deemed “mission-critical” to Asda's success. However, the project has been beset by problems and delays over the past year, recently leading Walmart to extend the completion deadline to help Asda swerve a multimillion-pound penalty. Radical restructuring It marks the second round of redundancies in five months under Allan Leighton, the new chairman who was presented as a “man of the people” in an interview last week. He swung the axe in January following Asda's worst Christmas trading performance since 2015, sacking 13 regional mana
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