World No. 3 retailer Tesco said it has cut jobs at the Californian headquarters of its loss-making Fresh & Easy chain in the United States, insisting the move was not a precursor to exiting the country.
"In April we said we are taking a more cautious approach to expanding Fresh & Easy, focusing on getting existing stores to profitability," Tesco said in a statement.
"Our central cost base should reflect that more cautious approach. With great regret, this means that we have to make redundancies at Fresh & Easy headquarters in California. This is not with a view to a sale or closure of the business. We remain committed to reach profitability and these changes are about helping to achieve that."
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