UK retailing giant Tesco has launched a strategic review of Fresh & Easy, its US-based supermarket chain.
The company has already been approached with offers with the Financial Times newspaper suggesting that US-based retailer Walmart would be a logical buyer for the business.
“We have had a number of approaches from parties interested in acquiring either all or part of Fresh & Easy, or in partnering with us to develop the Fresh & Easy business,” the company said in a statement.
“Whilst the business has many positives, its journey to scale and acceptable returns will take too long relative to other opportunities. I have therefore decided to conduct a strategic review of Fresh & Easy, with all options under consideration,” said Phillip Clarke, CEO of Tesco.
The retailer launched its Fresh & Easy business in 2007 with around 200 stores now operating in Arizona, California and Nevada.
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