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British Supermarket Tesco Reports Record Loss

Tesco plunged to an annual loss of 6.4 billion pounds ($9.5 billion) Wednesday, the worst in its 96-year history, after shoppers deserted Britain's biggest retailer and forced it to write down the value of its stores. Hurt by an accounting scandal and a price war sparked by the march of discount groups Aldi and Lidl, the supermarket wrote down the value of its business by 7 billion pounds to reflect restructuring charges and the lower sales its stores were making. The statutory...

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