Tesco’s Lewis Sets Out Revival Plan With Closures, Disposals

Tesco Plc Chief Executive Officer Dave Lewis set out his plan for reviving the struggling U.K. grocer, a process that will involve dozens of store closures and possible asset sales worth billions of pounds.

The shares rose as much as 11 percent -- the most in six years -- as the retailer said it will shut its head office, slash capital spending and halt dividend payments. Tesco also reported Christmas sales that beat estimates and said it’s cutting prices on hundreds of branded products.