The largest retail chain in the UK, Tesco, decided to sell the metropolitan shopping center Máj, located in Prague. Last fiscal year, losses of the company in the Czech Republic amounted to more than one billion crowns. According to the representatives of Tesco, losses are associated with a change in the valuation of property. The building of a large shopping center belonged to a British company since 1996, and will be sold for 171 million crowns. Trouble with losses could not but affect the price of Tesco PLC shares.
Over the last couple of days, Tesco PLC shares fell sharply by 1.7% and will continue to decline based on the news. Trading will be available during the European session, from 08:15 to 16:30 GMT.
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