September 30, 2013 |
Fresh & Easy Neighborhood Market Inc. filed for Chapter 11 bankruptcy in U.S. Bankruptcy Court, weeks after being promised to Los Angeles billionaire Ron Burkle. The grocery chain, which is in the process of trading hands from British supermarket giant Tesco to Burkle's Yucaipa Cos., cited debt between $500 million and $1 billion in its court filing Monday. The move “is simply the next step in the restructuring process” during the sale and will have “no impact” on customers' shopping experience, Fresh & Easy said in a statement.
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.
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.
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.