Tesco, the largest retailer in the U.K., has pulled the plug on its U.S. endeavor, its 199-store Fresh & Easy chain.
Costar.com reported that Tesco has dismissed Fresh & Easy CEO Tim Mason and could pull out of the U.S. entirely. The store made headlines in 2006 when it announced plans to crack the American grocery market, but sluggish economies in store cities like Los Angeles and Phoenix slowed down the growth of the new chain.
Tesco has suffered financial setbacks through the global recession, announcing plans to pull out of Japan earlier this year and focus on its home and other Asian markets, including China and Indonesia, where it plans to open more stores, the article reported. Tesco has been approached by several potential buyers but declined to identify any. It promised to provide its shareholders with more detailed information when it releases its results for the full year in April 2013.
Analysts cited Aldi Group, a German discount supermarket chain, and perhaps even Walmart could be among those interested in acquiring all or parts of the business, according to the article.
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