Advertise with fastmoving.co.za
 
 

Tesco set to sell or close all Fresh & Easy stores
Tesco set to sell or close all Fresh & Easy stores

Tesco set to sell or close all Fresh & Easy stores

RETAILER NEWS

ChainStoreAge.com) - Dec 7th 2012, 08:43

London -- Tesco CEO Philip Clarke announced Wednesday that the British supermarket retailer will likely sell or close its entire U.S. presence, which means that 199 Fresh & Easy stores could be shuttered or sold off. 

According to multiple reports, Tesco is close to making the decision after five unprofitable years in the U.S. The retailer launched the concept in 2007, confident there was a niche for a grocery store with fresh food offerings formatted in a unique footprint that was smaller than a typical supermarket but larger than a c-store.

"It's likely, but not certain, that our presence in America will come to an end," Philip Clarke, CEO, said. "This is a very major change for the business." Clarke said the U.S. exit would allow the company to refocus on its global portfolio.

Fresh & Easy CEO Tim Mason has resigned the company after 30 years; Mason is the son-in-law of former Tesco CEO Ian MacLaurin.

Tesco – the world’s number three retailer – said it has appointed investment bank Greenhill & Co. to conduct a strategic review of the Fresh & Easy chain that could lead to the sale or closure of the near-200 stores.

Tesco, which trails France's Carrefour and U.S. leader Wal-Mart by annual sales, said it had had a number of approaches from parties interested in acquiring either all or part of Fresh & Easy, or in partnering with the firm. 

Related News

Multi-million rand Rustenburg Mall underway
09/09/2019 - 11:07
Rustenburg shoppers can look forward to a brand new shopping centre – Rustenburg Mall – set to introduce its first phase in April 2021.

Introducing the Cape Fine and Rare Wine Auction
23/08/2019 - 10:07
With the world market increasingly focused on the fine and rare wines from South Africa, the Cape Winelands is in a stronger position than ever to showcase its fine wine investments. This year, the Cape Winelands is proud to host its first-ever Cape Fine & Rare Wine Auction, an evolution of the historic Nederburg Auction in 1975.

Boost for SA's economy as China lifts its beef ban
07/08/2019 - 09:10
Within one month of the meeting between President Cyril Ramaphosa and President Xi Jinping at the G20, China has announced that it is lifting the ban on South African beef exports to China. This will be a major boost to South Africa’s economy given that China is the largest consuming market for South African beef and related products.

South Africa’s economy ‘doesn’t have a long time’
02/08/2019 - 12:57
South Africa’s outlook has been dealt several heavy blows following Eskom’s financial results, and the latest unemployment data, which has raised the question: where to from here?

Inducing consumer paralysis: how retailers bury customers in an avalanche of choice
01/07/2019 - 10:35
Do you think you are paying more than you should for energy, banking, insurance, internet, and phone services? You are not alone, and you are probably right.