Tesco considering cutting 39,000 jobs

Supermarket giant Tesco is considering cutting its workforce by 39,000 over the next three years, following a fall in profits.

The job losses would equate to one in every six employees being let go, either through cutting job roles or reducing hours, according to The Guardian. However, the company went on to stipulate that it had modelled various scenarios and had no immediate plans to announce further job losses.

The information was gleaned from a leaked document, which Tesco has now confirmed the validity of, entitled 'Project Pace'. The memo was posted on verylittlehelps.com, an online forum for Tesco staff.

In response to the leaked document, Tesco issued a statement: “This is not a new programme of job losses, and we are not announcing one.