Tesco Announces Strategic Review of Fresh & Easy
December 10, 2012
U.K.-based Tesco PLC plans to sell or close all of its Fresh & Easy stores. In October, the company announced that it was restricting investments in its Fresh & Easy Neighborhood Markets in order to focus on reducing costs and improving the profitability of its existing stores. Now, the company says it is clear that the grocery concept will not deliver acceptable shareholder returns in its current form. Tesco has appointed investment bank Greenhill & Co. to assist with the review of options that could lead to the sale or closure of the almost 200 stores. The company said it will make its next announcement on the process as part of its full-year results for the current financial year in April 2013.