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Tesco to exit the US market

April 8, 2013

British retailer Tesco is learning that cross-border success is never guaranteed. The company plans to announce that it has had it with the U.S. and is willing to take a £1 billion ($1.53 billion) writedown to exit the market. Tesco CEO Philip Clarke will reportedly confirm the move next week.

In a report from the U.K. Telegraphh, Tesco, the third largest retailer in the world, made the decision to leave the U.S. market after a review of its Fresh & Easy brand stores in California showed that the venture would not provide acceptable shareholder value within a reasonable timeframe.

The report said Tesco is now looking to find a buyer for its U.S. brand.

Read more about supermarkets and grocery stores.