Tesco to close 13 stores, sack 500

The Hungarian unit of British supermarket chain Tesco will close 13 stores and lay off more than 500 employees in Hungary from February 4, though some will be offered jobs elsewhere, the company has said after a report in Magyar Nemzet daily that it is cutting 564 jobs. Chief executive of Tesco Global Áruházak Nigel Jones said those staff affected would receive higher severance pay than required by the law. He said Tesco is acting to ensure profitability.