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Tesco Axes 450 Jobs As Homeplus Stores Close

Embattled supermarket Tesco (Xetra: 852647 - news) is to close its last six Homeplus stores and axe about 450 jobs.

The group said stores in Hartcliffe in Bristol, Bracknell, Nottingham, Denton, Bromborough and Preston (OTC BB: PSNP - news) will close on 27 June.

Six other outlets were closed in March.

The latest move brings the curtain down on Tesco's non-food retail business, which launched in 2005 offering standalone outlets stocking homeware, clothing, electrical goods and stationery products.

"We've taken the difficult decision to close our remaining six Homeplus stores," a spokesman said.

"Our priority is now to explain what this announcement means for our colleagues and wherever possible offer them alternative roles with Tesco."

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Homeplus previously employed 840 staff, with 390 jobs lost when the earlier tranche of stores closed two months ago.

The latest blow comes on top of the 43 group-wide store closures announced in January, affecting 2,000 staff.

Tesco, Britain's biggest retailer, has suffered one of the worst years in its history, last month announcing a £6.4bn annual loss after taking a massive writedown on the value of its property portfolio.

Its profits were also dragged down by a series of profit warnings amid a ferocious price war with rivals.

The group's dire year also saw it forced to declare a £263m black hole in its accounts.