Tesco Cut To Junk As The Company Shuts 43 Stores And Hedge Funds Try To Profit

Tesco’s troubles are piling up these days. The supermarket chainstore is shutting down its stores and cutting spending to shake off the consistent run of poor performance. Britain’s largest supermarket announced that it will be closing 43 stores in the UK that had become unprofitable. On top of that the company’s credit rating is being slashed by one agency after the other. Yesterday, Moody’s downgraded Tesco’s credit, today Standard & Poor’s has also slashed Tesco to junk. In its credit rating update, Standard & Poor’s said that the company’s initiatives are unlikely to reduce the financial risks faced by Tesco and therefore…