December 5, 2012 |
British supermarket giant Tesco said it is considering selling its Fresh & Easy Neighborhood Market stores and will probably leave the United States altogether. The sprawling retailer, which owns more than 6,000 stores worldwide, has already received inquiries from companies interested in acquiring all or part of Fresh & Easy, Tesco said Wednesday in a statement. Fresh & Easy's chief executive, Tim Mason, is also leaving after three decades at Tesco, the company said. The Fresh & Easy chain launched in 2007 with much fanfare and high ambitions of creating a network of hundreds of smaller-format stores on the West Coast.
December 6, 2012 |
British supermarket giant Tesco may soon be bidding bon voyage to its American problem child. Five years after the company landed in California and opened 200 stores across the West, Tesco said it is preparing to sell its struggling Fresh & Easy Neighborhood Market chain and retreat from the U.S. market altogether. "It's likely, but not certain, that our presence in America will come to an end," Tesco Chief Executive Philip Clarke during a Wednesday conference call from Los Angeles.
April 17, 2013 |
The British are leaving. Five years after launching the Fresh & Easy grocery chain in the U.S., Tesco of England is abandoning its nearly $2-billion gamble. Once called "foolhardy" by investment guru Warren Buffett, the ambitious experiment joins a sizable list of British ventures forced to admit defeat amid an American culture clash. The failure of El Segundo-based Fresh & Easy Neighborhood Market, hastened by the recession, also highlights the difficulties of maintaining a foothold in a domestic grocery market already overrun by established, homegrown mega-brands such as Wal-Mart, Costco, Whole Foods and Trader Joe's.
January 11, 2012 |
Like the redcoats of yesteryear, British retail giant Tesco is finding America hard to win over. Seven California grocery stores are among 12 underperforming locations nationwide to be closed by Tesco's Fresh & Easy Neighborhood Market in an effort to boost profitability. The stores in California — in Anaheim, Bakersfield, Baldwin Park, Fountain Valley, Fresno, Hemet and Ontario — will close within the next few weeks, along with four stores in Phoenix and one in Las Vegas, company spokesman Brendan Wonnacott said.
April 10, 2012 |
It's been anything but easy for the Fresh & Easy Neighborhood Market grocery chain. Already grappling with a soft economy and its own strategic missteps, the El Segundo-based supermarket chain suddenly has to deal with a burst of pressure being applied to its British parent company, Tesco. Large shareholders are calling for the British retail giant to take dramatic action to turn around its own recently poor performance, including pulling back from Fresh & Easy, its ambitious 5-year-old start-up that is trying to blanket California with midsize supermarkets.
July 15, 2013 |
Arden Group Inc., the Compton parent of the upscale Gelson's Markets chain, said Monday that it is considering selling the company or looking into other options. Board members “initiated a process to explore and evaluate strategic alternatives, which may include a possible sale,” the company said in a statement. Arden, which owns 16 Gelson's across Southern California, said it retained Moelis & Co. as its sole financial adviser during the review. The supermarket chain said it hadn't made a decision to pursue any specific moves and said it had “no defined timeline” for its evaluation.