Tesco suffers biggest loss in 96-year history

Company seeks to put behind it accounting scandal, management upheaval, slumping sales

Tesco Plc reported the biggest annual loss in its 96-year history after writing down property values and taking steps to reduce its pension-fund deficit as it seeks to ease increasing financial strains.

The net loss was 5.74 billion pounds ($8.6 billion) in the 53 weeks ended Feb 28, Britain's largest supermarket company said in a statement on Wednesday, seeking to put behind it a year that's included an accounting scandal, management upheaval and slumping sales both at home and internationally.