Buffett fire sale for Tesco shares as supermarket branded “laughing stock” by suppliers

Tesco has been branded “leaderless” and unable to run its commercial operations properly, according to some of its biggest suppliers.

In the wake of the £250m accounting blackhole, the UK’s largest retailer has now suspended a total of eight directors, many of whom would have dealt with suppliers daily.

Speaking to the Independent, a “senior source” at one of the supermarket’s largest suppliers gave a damning overview of Tesco’s state.

“The confidence at Tesco is catastrophic. There’s no leadership and those in charge know nothing about Tesco.

“One of the world’s largest and most successful retailers has turned into a laughing stock and I struggle to remember anything that is comparable in UK retailing.”

Another source from what the Independent describes as a “major supplier” said: “It’s not business as usual, because there’s no one to talk to any more. A load of people who you’d actually speak to are gone and the ones still there are in meetings all the time.

“Everyone feels as though they are under suspicion, with one eye over their shoulder.

“Everything is being run in a very legalistic way, not a commercial way, and that’s not good for business.”

A Tesco spokesman said: “We have robust contingency arrangements in place to oversee our work with suppliers while the investigation is under way.”

Warren Buffett

Update: WARREN BUFFETT DUMPS LOADS OF HIS TESCO STOCK

 

Following this morning’s news of Tesco’s enduring woes, it’s emerged that billionaire investor Warren Buffett has just sold more than 245 million Tesco shares.

Buffett was Tesco’s third biggest shareholder after purchasing shares in 2006.

But he has now significantly reduced his share in Tesco, and recently described his purchase as a “huge mistake.”

Buffett held a 4.1% stake in the business at the beginning of October, but has now reduced it to below 3%.

“I made a mistake on Tesco. That was a huge mistake by me,” he said last week.

 

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