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.
June 13, 2013 |
Wild Oats Markets Inc., the closed purveyor of organic and natural foods, is planning a comeback this year, potentially aided by local billionaire Ron Burkle. The company, which has been out of operation since 2007, now says on its website that it is "re-introducing" its brand, bringing beverages, snacks, cereals, pasta and other goods to store shelves. Burkle's Los Angeles private equity company Yucaipa Cos. seems to be involved. A trademark application filed by Wild Oats Marketing last June and published for opposition in late May lists Yucaipa's Sunset Boulevard address.
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.
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.
February 25, 2013 |
This post has been updated. See below for details. Burger King, Nestle, Tesco and now Ikea - the European horse meat scandal that has heightened food supply concerns for the last month has now reached the furniture giant's famed Swedish meatballs. Inspectors in the Czech Republic said Monday that they found equine evidence in the chain's frozen meatballs. The affected product was sold as a packaged beef and pork item in more than a dozen European countries but not in the U.S. The Czech State Veterinary Administration confirmed on its website that samples of the meatballs, which are made in Sweden, contained horse DNA. Shipments of the meatballs have been suspended, according to the agency, which said it sent its findings to European Union authorities.