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Terry Leahy

Tesco Exits U.S. and Takes $3.5B Global Writedown

Britain's biggest retailer, Tesco, wrote down the value of its global operations by $3.5 billion 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 Wal-Mart and Carrefour, said on Wednesday abandoning loss-making Fresh & Easy in the U.S. would mean restructuring and other one-off costs of 1 billion pounds ($1.5 billion).Tesco also wrote down the value of its property in Britain by 804 million pounds, reflecting a decision not to develop more than 100 sites, and its businesses in Poland, the Czech Republic and Turkey by 495 million pounds, to account for a sharp slowdown in demand.Though Chief Executive Philip Clarke hailed Tesco's fourth quarter performance in its home market as its best quarterly outcome in three years, it still represented a slowdown in growth since Christmas, despite a year of huge investment."I've been working for Tesco for nea...

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