Editor's Blog1 min ago
43 Tesco Stores To Close.
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There are dozens of planned stores that will never be built as well. Tesco opened far too many shops in the last few years and and are now paying for their greed. And there are 2000 job losses entailed in this wholesale closure.
Is anybody in any way surprised by this news ?
There are dozens of planned stores that will never be built as well. Tesco opened far too many shops in the last few years and and are now paying for their greed. And there are 2000 job losses entailed in this wholesale closure.
Is anybody in any way surprised by this news ?
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They have 3,370 stores of all sizes in the UK so 43 is a very small number overall. The Tesco staff I know personally are happy with their working conditions overall and say Tesco is a good employer.
I'm sorry they are struggling at the moment because it is a British company, unlike Asda (American), Aldi and Lidl. I have seen the prices steadily increase in Aldi over the past 12 months as they get a bigger slice of the market and will not be surprised if that bubble bursts over the next five years and they lose customers.
It is not just Tesco that buys up land - all the large supermarkets do to either prevent their rivals building a supermarket or to open a supermarket at some point in the future.
I'm sorry they are struggling at the moment because it is a British company, unlike Asda (American), Aldi and Lidl. I have seen the prices steadily increase in Aldi over the past 12 months as they get a bigger slice of the market and will not be surprised if that bubble bursts over the next five years and they lose customers.
It is not just Tesco that buys up land - all the large supermarkets do to either prevent their rivals building a supermarket or to open a supermarket at some point in the future.
Not sure your assessment is correct.
Tesco undertook a huge fraud. They cooked the books for years reporting mega huge profits that were not really there. As a result it had no trouble borrowing money to finance new stores.
When the blackhole in their finances was revealed, Tesco no longer looked to be the good investment opportunity it once was. Which means it cannot raise the same amounts of money and not as cheaply. Which restricts their previous plans.
Tesco undertook a huge fraud. They cooked the books for years reporting mega huge profits that were not really there. As a result it had no trouble borrowing money to finance new stores.
When the blackhole in their finances was revealed, Tesco no longer looked to be the good investment opportunity it once was. Which means it cannot raise the same amounts of money and not as cheaply. Which restricts their previous plans.
// Tesco faces a wider-reaching probe into its finances amid suspicions a black hole in its accounts is far bigger than originally stated.
Britain’s biggest supermarket is already under investigation by the Serious Fraud Office over claims it inflated profits by £263million in the first six months of this financial year.
But now the Financial Reporting Council, the professional body for accountants, wants to formally investigate accounts filed in 2012, 2013 and 2014. //
Not the best circumstances to be asking for people to invest money in a company, if the law are on to them.
Britain’s biggest supermarket is already under investigation by the Serious Fraud Office over claims it inflated profits by £263million in the first six months of this financial year.
But now the Financial Reporting Council, the professional body for accountants, wants to formally investigate accounts filed in 2012, 2013 and 2014. //
Not the best circumstances to be asking for people to invest money in a company, if the law are on to them.
TTT....lol ! I have been a tad quiet of late, to as to give the AB Trolls a bit of a rest !
My point in this post was to emphasise how Tesco's greed have brought them to this point. As Gromit has said, its apparent that they have been guilty of a huge fraud, and they are now paying the price. It was obvious to anyone that you couldn't keep building Tesco stores, in every postcode, without some kind of saturation point being reached, and its my contention that they arrived at that point sometime in the last 2-5 years, but refused to acknowledge it.
According to today's Guardian, Tesco is now left with shiny new stores lying empty, many others abandoned half-way through construction and the company has signed up to long leases, that it will find difficult to sell on.
Lidl and Aldi are unlikely to come to their rescue as the now-empty Tesco sites are far too big for the the German companies needs.
So, altogether a large mess, caused entirely by a combination of sheer greed, managemental stupidity, and a large dose of good, old fashioned fraud.
If it wasn't for the job losses, I might say something like a pox on Tesco.
My point in this post was to emphasise how Tesco's greed have brought them to this point. As Gromit has said, its apparent that they have been guilty of a huge fraud, and they are now paying the price. It was obvious to anyone that you couldn't keep building Tesco stores, in every postcode, without some kind of saturation point being reached, and its my contention that they arrived at that point sometime in the last 2-5 years, but refused to acknowledge it.
According to today's Guardian, Tesco is now left with shiny new stores lying empty, many others abandoned half-way through construction and the company has signed up to long leases, that it will find difficult to sell on.
Lidl and Aldi are unlikely to come to their rescue as the now-empty Tesco sites are far too big for the the German companies needs.
So, altogether a large mess, caused entirely by a combination of sheer greed, managemental stupidity, and a large dose of good, old fashioned fraud.
If it wasn't for the job losses, I might say something like a pox on Tesco.
// It was obvious to anyone that you couldn't keep building Tesco stores, in every postcode, without some kind of saturation point being reached, and its my contention that they arrived at that point sometime in the last 2-5 years, but refused to acknowledge it. //
I disagree. There may be a very good business case for these stores. Tesco just cannot afford to finish the builds and commensed work on the others because it does not have the money it claimed it had. And it now looks like a bad investment for private investors. Tesco may try to sell the land to raise funds.
I disagree. There may be a very good business case for these stores. Tesco just cannot afford to finish the builds and commensed work on the others because it does not have the money it claimed it had. And it now looks like a bad investment for private investors. Tesco may try to sell the land to raise funds.
Wiki definition of an Internet Troll :::
"In Internet slang, a troll (/ˈtroʊl/, /ˈtrɒl/) is a person who sows discord on the Internet by starting arguments or upsetting people,[1] by posting inflammatory, extraneous, or off-topic messages in an online community (such as a newsgroup, forum, chat room, or blog) with the deliberate intent of provoking readers into an emotional response or of otherwise disrupting normal on-topic discussion"
"In Internet slang, a troll (/ˈtroʊl/, /ˈtrɒl/) is a person who sows discord on the Internet by starting arguments or upsetting people,[1] by posting inflammatory, extraneous, or off-topic messages in an online community (such as a newsgroup, forum, chat room, or blog) with the deliberate intent of provoking readers into an emotional response or of otherwise disrupting normal on-topic discussion"
I don’t suppose this place will ever get one now!
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Pity neither the OP or the other primary Socialist contributor forgot to mention the excellent socialist policy Tesco have maintained until very recently - their defined benefit pension scheme. The last FTSE 100 company to have one.
And if you feel you get trolled, perhaps it is because of the apparent one-sided nature of your political pronouncements.
And if you feel you get trolled, perhaps it is because of the apparent one-sided nature of your political pronouncements.
Builder...I have no problem with a well mannered debate but some people on here seem to think that the best way to counter an argument, is to make nasty, vindictive personal comments.
I am a socialist Builder...would you have me put an right-wing argument over as one I agree with ?
But this is off-topic. Tesco is the mess it is due to its own ineptitude, combined with dishonesty, and that was the purpose of my post.
I am a socialist Builder...would you have me put an right-wing argument over as one I agree with ?
But this is off-topic. Tesco is the mess it is due to its own ineptitude, combined with dishonesty, and that was the purpose of my post.
