British grocery chain Tesco is the country's biggest supermarket, Europe's largest private employer, and the world's second-largest retailer — second only to Walmart.
And it's a total basket case.
After revealing in late September that it overstated profits by £250 million, the grocer revised that number upward today to £263 million, culminating in the resignation of Tesco's chairman, Sir Richard Broadbent.
Tesco's new CEO Dave Lewis has been left to pick up the pieces, while at the same time dealing with a separate but equally massive problem: disastrous global sales results. The share price has dropped by more than half in the last 12 months.
So what went wrong?
Tesco started as a market stall in East London in 1919.
Jack Cohen was in his early 20s when he began selling military surplus goods from a market stall in Hackney, after leaving the Royal Flying Corps at the end of Word War I.
Soon, Cohen owned a cluster of stalls and established a wholesale business.
In 1934, Cohen opened a food warehouse in North London to serve his consumer stores.
A few years later he began expanding to the London suburbs.
The Tesco brand name came from the first three letters of Cohen's tea supplier, T. E. Stockwell, combined with the first two letters of his own last name.
Tesco listed on the London Stock Exchange in 1947.
It took years for Cohen's warehouse chain to become an actual set of consumer groceries. Tesco was floated on the stock exchange with a share price of 25 pence.
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