LONDON: Britain's biggest retailer, Tesco, wrote down the value of its global operations by US$3.5bil and announced plans to exit the United States, as it sought to rebuild after a year in which profit fell for the first time in two decades.
The group, the world's third largest retailer after WalMart and Carrefour, said abandoning loss-making Fresh & Easy in the United States would mean restructuring and other one-off costs of £1bil (US$1.5bil).
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