Brands are cut from shelves as Tesco reports record £6.4bn loss

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It’s the biggest loss in UK retail history. This morning the UK’s largest retailer, supermarket chain Tesco, announced a staggering £6.38bn loss  – the consequences of which will no doubt be felt throughout the supply chain. Some brands have already been cut from the shelves – Kingsmill bread and Rachel’s Organic Yoghurt, to name but two – while shops are set to close. Reasons behind the loss include lower property valuations, last year’s accounting scandal, and, suggests one report, a desire to bunch all the bad news together. This week a consumer group, Which, also announced that it was launching a legal investigation into misleading promotions and discounts in the supermarket sector.