{"id":2324,"date":"2013-04-15T12:58:41","date_gmt":"2013-04-15T12:58:41","guid":{"rendered":"http:\/\/www.franchisemart.in\/franchise\/?p=2324"},"modified":"2013-04-15T12:59:18","modified_gmt":"2013-04-15T12:59:18","slug":"tesco-looks-for-us-exit","status":"publish","type":"post","link":"https:\/\/www.franchisemart.in\/franchise\/tesco-looks-for-us-exit\/","title":{"rendered":"Tesco looks for US exit"},"content":{"rendered":"

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Tesco in the United States is apparently ready to pull the plug on Fresh & Easy Neighborhood Market. The company recently said it has hired Greenhill & Co., a British investment banking firm, to conduct a strategic review of the US operation, with results of that review scheduled to be discussed at Tesco\u2019s annual meeting in April. However, while Philip Clarke, Tesco\u2019schief executive officer, said the company is considering \u201call options for the business, it is likely the review will lead to Tesco exiting the US market,\u201d he added. He said Tesco has had \u201ca number of
\napproaches in recent months from parties interested in acquiring all or part of Fresh &
\nEasy or in partnering to develop the business.\u201d Industry observers have speculated Wal-Mart Stores or Aldi might be potential buyers for some Fresh & Easy stores, and drug chains might also be interested. It might be more difficult for Tesco to dispose of its distribution centre in California, observers say. Tim Mason, CEO of Fresh & Easy and group deputy CEO of the parent firm \u2014 who was instrumental in designing the Fresh & Easy format \u2014 recently left Tesco.<\/p>\n