U.K. supermarket Tesco reported a full-year pre-tax loss of £6.38 billion ($9.5 billion) on Wednesday, as the retailer grapples with what it called "tough trading conditions."
The loss was the largest in the high street stalwart's 96 year history, according to Reuters.
The retailer also wrote down the value of its stores by £4.7 billion. This prompted the group to promise "a thorough review of Group's property portfolio" in order to strengthen and protect the balance sheet.
It has already promised to close a number of unprofitable stores across the U.K.
Tesco was hit by a massive accounting scandal last year after it was discovered that the company had overstated its profits to the tune of £250 million. It came under investigation by the U.K.'s Serious Fraud Office and faces lawsuits from shareholders.