Budapest, August 19 (MTI) – UK supermarket chain Tesco is preparing to sell its business in Hungary, daily Magyar Idők said on Friday.
Tesco could shut down its Hungarian headquarters in Budaörs, on the outskirts of Budapest, within a year, the paper learnt. Downsizing has started at a number of stores around the country, it added.
A former Tesco executive, who asked not to be named, told the paper that more and more managers are leaving the headquarters in Budaörs because they believe the future of the company is uncertain. Those who leave are being replaced by staff from Tesco Europa’s headquarters in the Czech Republic, the executive added.
Tesco announced a year earlier that it put its businesses in Hungary, Poland, Slovakia and the Czech Republic under the aegis of Tesco Europa to rationalise operations, the paper noted.
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