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Tesco Weighs Exiting Asian Retail Market

October 30, 2014: 12:00 AM EST
Tesco is planning to sell its Asian operations after seeing its profit and market share decline. Richard Broadbent resigned as chairman of the world's third-largest retailer following reports of a probe into the company's alleged accounting improprieties, which saw the company inflating profit announcements. Mistakes in international investments by Tesco, which posted a 41 percent drop in operating profits and more than 90 percent in pre-tax profits in the first half of 2014, also played a significant role in the company's existing problems, according to Planet Retail analyst David Gray. In May 2014, Tesco sold most of its China operations to state-owned China Resources Enterprise.
"Tesco may spin off Asian operations after ceding control of China arm", WantChinaTimes, October 30, 2014, © WantChinaTimes.com
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