Report: Tesco considers layoffs, closure of some Hungarian units
Tesco is anticipating the layoff of 500-600 employees as a result of new legislation that has placed a heavy burden on retailers, primarily the supervisory fee that grew 60-fold, Hungarian daily Magyar Nemzet reported today.
Citing unnamed sources, the daily reports that 10-12 Tesco stores in rural Hungary may face closure, however these are mostly smaller units near larger Tesco stores, which are expected to absorb heavier weekday traffic due to forced Sunday closures.
Hungarian online daily Origo suggests, that with the closure of these units, Tesco will decrease its revenues, thereby reducing the required supervisory fee.
ÁKK Sells HUF 82.5 bln of Bonds at Auction, Above Plan
Hungary Treats Smooth EU Transition as Priority, Says Bóka
HU-rizon Program: HUF 8 bln Funding for International Resear...
Inspiring Women at the Focus of Gourmet Fest
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
