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Tesco looks to sell Fresh & Easy, exit US |
12.07.2012
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British retail giant Tesco has announced a "strategic review" of Fresh & Easy, its troubled U.S. grocery business with stores in California, Nevada and Arizona. Deputy CEO Tim Mason, the Tesco veteran who headed Fresh & Easy, will be leaving the company.
In a statement, Tesco CEO Philip Clarke said "It is now clear that Fresh & Easy will not deliver acceptable shareholder returns on an appropriate timeframe ... In recent months, we have had a number of approaches from parties interested in acquiring either all or part of Fresh & Easy, or in partnering with us to develop the Fresh & Easy business."
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Investment group Greenhill has been commissioned to conduct the review, widely interpreted as a search for a buyer, with results to be announced in April.
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