Tesco finalises US departure with completed sale of Fresh & Easy

Following the announcement on 10th September 2013 that Tesco had agreed the sale of Fresh & Easy to Yucaipa, Tesco has today confirming the completion of the transaction.

After the US holdings of Tesco, Fresh & Easy, declared bankruptcy at the end of September, the parent company made the move to sell.

Ron Burkle billionaire owner of Yucaipa, lent the company the £80 million required to buy 150 outlets of Fresh & Easy from Tesco, signalling their departure from overseas markets.

The sale has cost an estimated £150 million including the loan, payoffs for around 400 staff who were made redundant and store closures, making the total cost of Tesco’s falied overseas venture approximately £2 billion.

Bdaily reported on the demise of the retail giant In the United States in the months before the sale here.

Tesco has also retreated from operations in China and Eastern Europe.

Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →